Ethereum price is trying to reach a recovery wave above the $2,200 zone. ETH could start a decent rise if it breaks above the USD 2,240 resistance.
- Ethereum started an upward correction from the $2,165 zone.
- The price is trading below $2,250 and the 100-hourly Simple Moving Average.
- A short-term bearish trendline is forming with resistance near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a significant climb if it breaks the $2,240 resistance zone.
Ethereum Price Eyes Recovery
Ethereum price managed to form a support base above the USD 2,165 level. ETH appears to be consolidating losses around the $2,200 level and, like Bitcoin, could be aiming for a recovery wave.
There was a small upward correction above the USD 2,200 level but the bears are still active near the USD 2,240 resistance zone. A short-term bearish trendline is also forming with resistance near $2,225 on the hourly chart of ETH/USD.
Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is around the $2,240 level. It is close to the 23.6% Fib retracement level of the main decline from the $2,480 swing high to the $2,165 low.
The next major resistance is near $2,280 or the 100-hour Simple Moving Average, above which the price could rise and test the 50% Fib retracement level of the main decline from the $2,480 swing high to the $2,165 low. If the bulls push the price above the USD 2,320 resistance, they could target USD 2,360.
Source: ETHUSD on TradingView.com
A clear move above the USD 2,360 level could trigger a significant upside. In the mentioned case, the price could rise towards the USD 2,420 level. Any further gains could send the price towards the $2,500 zone.
Another failure in ETH?
If Ethereum fails to clear the USD 2,240 resistance, it could trigger another decline. The initial downside support is near the $2,200 level.
The next major support could be the $2,165 zone. A daily close below the USD 2,165 support could trigger another big decline. In the said case, Ether could test the USD 2,080 support. Any further losses could send the price towards the USD 2,000 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,165
Major resistance level – $2,240
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