Ethereum Price Sees Significant Rally Amid Consolidation

Ethereum's recent price action has been marked by a notable increase above $2,020, leading some traders to speculate about potential future gains. However, the cryptocurrency is currently consolidating its gains and may face resistance at the $2,040 level.

According to technical indicators, Ethereum is trading above the 100-hourly Simple Moving Average, which could be a bullish signal. The MACD for ETH/USD is also gaining momentum in the bullish zone, suggesting that the upward trend may continue.

The first key resistance level is near $2,080, followed by a major resistance at $2,120. A clear move above this level could send the price toward the $2,155 region or even higher. Conversely, if Ethereum fails to clear the $2,040 resistance, it may start a fresh decline.