Ethereum's price has surged 19.4% to trade near $2,290, breaking out of its sub-$1,900 consolidation and moving above its 50-, 100- and 200-day simple moving averages. The move has changed the daily technical map, with $2,100 shifting from resistance to the first level buyers need to defend. Ethereum had been trading between roughly $1,870 and $1,900 before the rally, with the daily 50-day and 100-day SMAs sitting near $1,865 and the 200-day SMA standing at $2,000.
Key Levels
The price moved through each of those averages, reclaimed the 0.5 Fibonacci level at $1,985, and then crossed the 0.618 Fibonacci level at $2,100. Ethereum also traded above the 0.786 retracement at $2,260. That leaves $2,100 as the first level buyers need to defend on a pullback, with a support band between $2,000 and $1,990, where the daily 200 SMA meets the 0.5 Fibonacci level.
Weekly Chart
According to the Bitfinex weekly chart, Ethereum is near $2,290, below all three weekly moving averages: the 200-week SMA at $2,490, the 50-week SMA at $2,620, and the 100-week SMA at $2,760. A weekly close above the $2,340-$2,400 resistance area would leave the $2,470 daily Fibonacci level and the $2,490 weekly 200 SMA as the next concentrated resistance area.
