Ethereum price started a recovery wave above the $2,120 zone. ETH is now consolidating above USD 2,140 and is struggling to clear the USD 2,200 resistance.
- Ethereum started a recovery wave above the $2,150 zone.
- The price is trading above USD 2,120 and the 100-hourly Simple Moving Average.
- There is a new bearish trendline forming resistance at $2,175 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,205 resistance.
Ethereum price faces resistance
Ethereum’s price managed to stay above $2,050 and started a recovery wave, just like Bitcoin. ETH price was able to climb above the USD 2,080 and USD 2,120 resistance levels.
The price cleared the 38.2% Fib retracement level of the downward move from the $2,385 swing high to the $2,025 low. However, the bears seem to be active below the USD 2,200 resistance. There is also a new bearish trendline forming resistance at $2,175 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,140 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,100, the price could rise again. Immediate resistance is seen near the $2,175 level and trendline.
The first major resistance is near the $2,205 level or the 50% Fib retracement level of the downward move from the $2,385 swing high to the $2,025 low.
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 2,300 resistance. An upside break above the $2,300 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,345 or even $2,365 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,175 resistance, it could trigger another decline. The initial downside support is near the $2,120 level. The first major support is near the $2,100 zone.
A clear move below the USD 2,100 support could push the price towards the USD 2,065 support. Any further losses could send the price towards $2,020. The main support could be $2,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,065
Major resistance level – $2,175