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<a href="https://cryptosnewss.com/ethereum-price-nears-critical-level-whales-jump-in-whats-next/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> has been teasing a potential breakout after recovering above $1,920 and clearing initial hurdles at $1,950. However, the cryptocurrency is now consolidating, facing strong resistance near the $2,020 level.<h3 id="strong-ethereum-39-s-current-price-action-strong">Ethereum&#39;s Current Price Action</h3>The second-largest <a href="https://cryptosnewss.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency</a> by market cap formed a solid base above $1,820 before starting a recovery wave, mirroring Bitcoin’s recent price movement. The bulls successfully pushed the price past the $1,880 and $1,920 resistance levels, gaining short-term momentum.Ethereum’s price is now trading just below $1,950 and the 100-hourly Simple Moving Average (SMA), while forming a rising channel with support at $1,980 on the ETH/USD hourly chart (data feed via Kraken).<h3 id="strong-key-resistance-levels-to-watch-strong">Key Resistance Levels to Watch</h3>The $2,020 resistance zone has proven to be a significant barrier for <a href="https://cryptosnewss.com/category/ethereum-news/" rel="noopener noreferrer nofollow">Ethereum</a>, coinciding with the 50% Fibonacci retracement level from the recent downward wave between $2,068 and $1,936.If ETH can clear the $2,020 resistance, the next major hurdle lies at $2,040, representing the 76.4% Fibonacci retracement level. Breaking through this level could pave the way for gains toward $2,120, with further upside potential targeting $2,150 and even $2,250 in the near term.<h3 id="strong-what-happens-if-ethereum-fails-strong">What Happens if Ethereum Fails?</h3>On the downside, immediate support lies near the $1,980 level, with stronger support at $1,950. If Ethereum fails to hold these levels, the price could retrace toward the $1,880 support zone. A further decline might push ETH down to $1,850 or even $1,800 if bearish pressure intensifies.<h3 id="strong-technical-indicators-strong">Technical Indicators</h3><ul><li>Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone, signaling the potential for further gains.</li><li>Hourly RSI: The RSI is hovering above 50, suggesting a balanced momentum with a slight bullish bias.</li></ul><h3 id="strong-ethereum-39-s-next-steps-breakout-or-consolidation-strong">Ethereum&#39;s Next Steps: Breakout or Consolidation?</h3>Ethereum traders and investors should closely monitor the $2,020 and $2,040 resistance levels. A clear breakout above these zones could trigger a bullish rally, while failure to do so might lead to another leg down toward $1,880 or lower.The current consolidation phase indicates that ETH is at a critical juncture, and the next few sessions will be crucial in determining its short-term direction.The post<a href="https://cryptosnewss.com/analyst-predicts-dogecoin-could-reach-new-all-time-high/" rel="noopener noreferrer nofollow"> </a><a href="https://cryptosnewss.com/ethereum-eyes-breakout-will-2040-resistance-open-doors-for-new-gains/" rel="noopener noreferrer nofollow">Ethereum Eyes Breakout: Will $2,040 Resistance Open Doors for New Gains?</a> appeared first on <a href="https://cryptosnewss.com/" rel="noopener noreferrer nofollow">CryptosNewss.com</a>

Ethereum Eyes Breakout: Will $2,040 Resistance Open Doors for New Gains?

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