Ethereum Surges 10% to $2,020, Faces Resistance at $2,100

Ethereum's price has recently shown signs of recovery, surging above the $2,020 mark. The cryptocurrency is currently in a consolidation phase, facing resistance around the $2,080 level. Ethereum's price has been trading above $2,025 and the 100-hourly Simple Moving Average, indicating a bullish trend. A connecting bullish trend line with support at $2,010 on the hourly chart of ETH/USD further supports this upward movement.

Ethereum's price formed a base above the $1,880 level and initiated a recovery wave, similar to Bitcoin. The price successfully cleared the $1,950 and $1,980 resistance levels, pushing above the $2,000 mark. However, the price faced a downside correction after testing the $2,100 zone, dipping below the $2,050 level. The price is now trading above $2,010 and the 100-hourly Simple Moving Average, with a connecting bullish trend line forming support at $2,010 on the hourly chart of ETH/USD.

On the upside, Ethereum's price is encountering hurdles near the $2,075 level. The next key resistance is near the $2,100 level, with the first major resistance near the $2,150 level. A clear move above the $2,150 resistance might send the price toward the $2,200 resistance. An upside break above the $2,200 resistance might call for more gains in the coming sessions, with Ether potentially rising toward the $2,250 resistance zone or even $2,320 in the near term.

If Ethereum fails to clear the $2,100 resistance, it could start another decline. Initial support on the downside is near the $2,045 level, with the first major support sitting near the $2,020 zone. A clear move below the $2,020 support might push the price toward the $2,010 support and the trend line. Any more losses might send the price toward the $1,965 support level in the near term, with the next key support sitting at $1,920.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now below the 50 zone. The major support level is at $2,010, with the major resistance level at $2,100. These indicators suggest that Ethereum's price is in an accumulation mode, with key support holding firm. The cryptocurrency's price is currently consolidating, with potential for further gains if it can clear the $2,100 resistance level.