Ethereum price has started a recovery wave above the $2,000 zone. $ETH It is currently struggling to clear $2,090 and remains at risk of further decline in the short term.
- Ethereum has started a wave of recovery above the $2,000 zone.
- The price is trading above $2,000 and the 100 hourly simple moving average.
- On the hourly chart of , an expanding triangle is forming with support at $2,020. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,090 zone, the decline could begin again.
Ethereum price partially slows its rise
Ethereum price, like Bitcoin, extended its wave of recovery after breaking through the $1,950 zone. $ETH The price was able to clear the $2,020 resistance zone.
The bulls pushed the price above the 50% Fib retracement level of the decline from the swing high of $2,200 to the low of $1,912. However, it struggled to clear the $2,090 resistance level. The price has now pared back some gains and is trading below $2,050.
Ethereum price is currently trading above $2,020 and its 100 hourly simple moving average. There is also an expanding triangle forming with support at $2,020 on the hourly chart. $ETH/USD.
If the bulls sustain the action above $2,020, the price may try to move higher. Immediate resistance is seen near the $2,050 level. The first major resistance is near the $2,090 level, or the 61.8% fib retracement level of the decline from the $2,200 swing high to the $1,912 low.
The next major resistance level is near the $2,150 level. A clear break above the $2,150 resistance could send the price heading towards the $2,220 resistance. A break above the $2,220 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,265 resistance zone and even $2,320 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the resistance at $2,050, a fresh decline could begin. The first support on the downside is near the $2,020 level. The first major support is located near the $1,990 zone.
A clear move below the $1,990 support could push the price towards the $1,925 support. Any further losses could send the price towards the $1,880 area. The main support could be at $1,840.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $1,990
High resistance level – $2,090
