Ethereum price started a steady wave of recovery above $2,000. $ETH The price is currently holding steady above $2,050 and could aim for further gains.
- Ethereum started a decent rally from the $1,935 zone.
- The price is trading above $2,020 and the 100-hour simple moving average.
- On the hourly chart, the price has broken out of the major bearish trend line with resistance at $2,060. $ETH/USD (data feed via Kraken).
- If the pair breaks below the $2,150 resistance level, the pair could start moving lower again.
Ethereum price tries to recover
Ethereum’s price failed to sustain above $2,050 and losses widened, similar to Bitcoin. $ETH The price fell below $2,020 and $2,000, entering the bearish zone.
The bulls finally emerged around $1,935. A low was formed at $1,936 and the price has now recovered its losses. There was a move above the $2,050 resistance level. Price cleared the 50% Fib retracement level of the decline from the swing high of $2,198 to the low of $1,936. Furthermore, the price has broken out above a major bearish trendline with resistance at $2,060 on the hourly chart. $ETH/USD.
Ethereum price is currently trading above $2,020 and its 100 hourly simple moving average. If the bulls sustain the action above $2,020, the price may try to move higher. Immediate resistance appears to be around $2,120.
The first major resistance is near the $2,150 level, or the 76.4% Fib retracement level of the decline from the $2,198 high to the $1,936 low. The next major resistance level is near the $2,200 level. A clear break above the $2,200 resistance could push the price towards the $2,250 resistance. A break above the $2,250 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,320 resistance zone and even $2,350 in the short term.
further decline $ETH?
If Ethereum fails to break through the $2,120 resistance level, a fresh decline could begin. The first support on the downside is near the $2,050 level. The first major support is located near the $2,020 zone.
A clear move below the $2,020 support could push the price towards the $1,980 support. Any further losses could send the price towards the $1,950 area. The main support could be at $1,880.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,050
High resistance level – $2,150
