Ethereum (ETH) surged past the $2,050 mark after forming a base above $1,920, with technical indicators showing a rising channel on the hourly chart and bulls now eyeing a potential breakout above the $2,080 resistance toward $2,150.
What Happened: ETH Tests Key Resistance
ETH climbed above the $1,960 and $2,000 resistance levels before reaching a high of $2,089. A downside correction followed, briefly pushing the price below $2,020 and the 38.2% Fibonacci retracement level of the move from the $1,835 swing low.
The token is now trading above $1,960 and the 100-hourly Simple Moving Average. A rising channel with support at $1,960 has formed on the ETH/USD hourly chart.
Immediate resistance sits at $2,040, followed by $2,080 and $2,120. A break above $2,155 could open a path toward the $2,220 zone or even $2,250 in the near term.
Also Read: The OCC Just Proposed A Rule That Could Kill Coinbase's USDC Rewards Program
Why It Matters: Breakout or Breakdown Ahead
The hourly MACD is losing momentum in the bullish zone while the RSI remains above 50, suggesting the rally is intact but fading. If ETH fails to clear $2,080, a slide toward $1,960 — the 50% Fibonacci retracement — becomes a realistic scenario.
Below that, support levels at $1,930 and $1,880 come into play, with $1,840 acting as the floor. The outcome at $2,080 will likely determine whether this move extends or reverses.
Read Next: Third-Worst Q1 Since 2013: Bitcoin And Ether Close A Quarter That Rivaled The 2018 Bear Market