Ethereum price momentum has regained momentum, can it hit 2200?

Ethereum price has continued to hold above $2,200 and is currently rising, targeting the $2,200 level. $BTC #Web3Wallet $ETH #etf

There are renewed attempts to clear the $2,100 and $2,120 resistance levels. The price is trading above $2,050 and the 100 hourly simple moving average.

There is a breakout above a major contracting triangle with resistance near $2,055 on the hourly chart. The pair will gain bullish momentum if it breaks the $2,120 resistance.

Ethereum price regained strength and started a downside correction below the $2,050 level, testing support at $2020 and forming the $2019 low before the price climbed higher. The price moved above the $2,050 resistance zone and formed a breakout on the hourly chart.

Ethereum is now trading above the 100 hourly simple moving average at $2,050. On the upside, the price faces resistance near $2,095 or a move down to the 76.4% Fib retracement level of the swing high of $2,126 to the $1,986 low.

The first key resistance is near $2,100, with the next resistance located at $2,120.

A clear move above $2,120 could push the price towards the $2,200 resistance zone.

If it fails to clear the $2,100 resistance, Ethereum may start another decline.

Initial support on the downside is near $2,055, with the next key support at $2,040. The main support is now near $2,000, below which a steady decline could begin.

The key support level is currently at $1,920, below which there is a risk of a move towards the $1,880 level in the near future.

In terms of technical indicators, ETH/USD’s MACD is gaining momentum in bullish territory, with the Relative Strength Index now sitting above 50. The main support level is $2,050 and the main resistance is $2,120.