Ethereum (ETH) Aims for $2200, Will It Happen?

• Ethereum surpasses the $2,060 mark, fueling optimism for a potential rally toward $2,100.
• The bulls faced obstacles around $2,090 and $2,120, leading to a consolidation phase.

Ethereum (ETH) recently experienced a surge above the crucial $2,050 mark, sparking anticipation of a potential rally toward the $2,300 level. However, the current market situation prompts curiosity about the influential factors, particularly the regulatory challenges faced by Binance following its plea deal with the U.S. Department of Justice.

The second largest crypto displayed an upward trajectory, breaching the $2,000 resistance zone, and it managed to sustain support above this level, even after a brief retest at $1,930 on November 21. Notably, ETH found a spot among the top gainers, surpassing the $2,050 resistance zone.

On November 23, a peak at $2,088 marked a temporary halt to the bullish momentum, leading to a consolidation phase. While a minor correction dipped below $2,080, Ethereum remains comfortably above $2,070 and the 100-hourly simple moving average. The current scenario reveals a short-term contracting triangle on the hourly chart of ETH/USD, with resistance hovering around $2,090.

Ethereum (ETH) Will Sustain Above $2,000?

According to the daily price chart, breaking the resistance at $2,090 is pivotal for Ethereum’s potential ascent towards the $2,150 resistance zone. Beyond that lies a significant jump at $2,250, and a successful breach could set the stage for a push toward the 17-month high of $2,300, seen in May 2022.

Ethereum (ETH) Price Chart (Source: TradingView)

Conversely, if ETH fails to surpass the $2,080 resistance, it might trigger a fresh decline. Initial support is anticipated at around $2,060 and $2,045, with further downside support at $2,010. A breach below $2,000 could lead to additional losses, potentially driving ETH towards the $1,950 support in the near term.

At the time of writing, Ethereum traded at $2,068, climbing over 4.6% in a week and 14.42% in a month. However, the daily trading volume of ETH declined over 36% in the last 24 hours and stands at $7.8 billion.

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