Ethereum price started a recovery wave above $2,050. ETH is now consolidating and eyeing an upside break above the USD 2,150 resistance.
- Ethereum managed to stay above $1,950 and recoup some losses.
- The price is trading above USD 2,020 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $2,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,165 zone.
Ethereum price eyes upside breakout
The price of Ethereum managed to form a base above $1,950 and started a recovery wave, just like Bitcoin. ETH price traded above the USD 1,980 and USD 2,000 resistance levels.
Additionally, there was a break above a major bearish trendline with resistance at $2,070 on the hourly chart of ETH/USD. The pair even peaked above $2,150. A high was reached at $2,168, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,744 swing low to the $2,168 high.
Ethereum price is now trading above $2,050 and the 100-hourly Simple Moving Average. If the bulls continue in action above $2,020, the price may attempt to rise again. Immediate resistance is seen around the $2,150 level.
The first major resistance is near the $2,165 level. The next major resistance is around the $2,250 level. A clear move above the USD 2,250 resistance could send the price towards the USD 2,350 resistance. An upside break above the $2,350 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,550 or even USD 2,665 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,150 resistance, it could trigger another decline. The initial downside support is near the $2,050 level. The first major support is near the $2,020 zone.
A clear move below the $2,020 support could push the price towards the $1,950 support or the 50% Fib retracement level of the upward move from the $1,744 swing low to the $2,168 high. Any further losses could send the price towards $1,845. Key support could be at $1,800.
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 zone.
Major Support Level – $2,020
Major resistance level – $2,165