Will Ethereum (ETH) Cross the $2100 Resistance?

٢١ نوفمبر ٢٠٢٣

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.

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.