Ethereum Surges 10% to $1,950, Faces Key Resistance

Ethereum's price has recently shown signs of recovery, surging above the $1,820 mark and currently consolidating around the $1,950 resistance level. This upward movement follows a period of decline, during which the cryptocurrency established a base above the $1,760 level. The bulls have successfully pushed the price above key resistance levels at $1,820 and $1,850, indicating a potential for further gains.

The price of Ethereum is currently trading below $1,920 and the 100-hourly Simple Moving Average, facing resistance at the $1,900 level. A short-term bearish trend line is forming with resistance at $1,900 on the hourly chart of ETH/USD. To initiate a significant increase, the pair must surpass the $1,900 and $1,950 resistance levels. The next key resistance is near the $1,950 level or the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low.

If Ethereum manages to break above the $1,990 resistance, it could potentially rise towards the $2,050 resistance. An upside break above the $2,050 resistance might call for more gains in the coming sessions, with Ether potentially rising toward the $2,120 resistance zone or even $2,250 in the near term. However, if Ethereum fails to clear the $1,950 resistance, it could start another decline. Initial support on the downside is near the $1,845 level, with the first major support sitting near the $1,800 zone. A clear move below the $1,800 support might push the price toward the $1,750 support, and any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.

Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. The major support level is at $1,800, and the major resistance level is at $1,920. These indicators, along with the current price action, suggest that Ethereum is poised for a potential bounce, but it must overcome the resistance levels at $1,900 and $1,950 to confirm a sustained recovery.