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Ethereum Is Above $2000 Again but Will It Cross the $2100 Resistance?

source-logo  thenewscrypto.com 21 November 2023 08:35, UTC
  • Ethereum (ETH) surges, surpassing key resistance at $2,050.
  • ETH eyes $2,100 resistance, aiming for bullish momentum towards $2,200 and $2,350.

Ethereum (ETH) has initiated a new rally, breaching the $1,950 resistance level. The second largest cryptocurrency is presently in a consolidation phase, eyeing a potential breakthrough above the $2,070 resistance. This positive momentum follows a key trajectory, from the $1,976 swing low to reaching a high of $2,061.

Today, ETH’s bullish trend fueled the establishment of a foundation above the $2,000 mark. Subsequently, ETH surpassed key resistance levels at $2,030, mirroring Bitcoin’s (BTC) parallel ascent. Climbing above $2,050 and the 100-hourly simple moving average, Ethereum also shattered a significant bearish trend line with resistance around $2,070 on its hourly chart against the USD.

The positive sentiment in the global crypto market follows the announcement from Santander Private Banking International, a division of Banco Santander. The Spanish financial services giant is now offering trading and custody services for Bitcoin and Ethereum to a select group of customers in Switzerland.

Additionally, on-chain data from Glassnode reveals a gradual accumulation trend among Ethereum whales, signaling increased confidence among buyers. The addresses holding over 10,000 ETH (equivalent to $20 million) have been on the rise after a two-month interval. This uptick supports Ethereum’s current trajectory by sustaining momentum beyond the $2,000 threshold.

Ethereum Struggles to Break $2,500

Earlier today, the leading altcoin marked a peak at $2,061 with a daily trading volume of $12.9 billion, which soared over 67% in the last 24 hours. Despite these gains, ETH has faced hurdles in surpassing the $2,500 level since May 2022.

Ethereum (ETH) Price Chart (Source: TradingView)

Now the $2,070 resistance level poses a challenge for ETH on the upside. A decisive move above this barrier could trigger bullish momentum, with the next resistance at $2,150 and potential further gains toward the $2,250 and $2,500 levels.

Conversely, if ETH fails to overcome the $2,070 resistance, it might initiate a corrective decline. Initial support is at the $2,000 level, followed by crucial levels at $1,980 and $1,950. A breach below $1,950 could open additional losses to ETH, with a potential drop toward the $1,905 support zone.