Ethereum price started a recovery wave above the $2,120 zone. ETH is now consolidating and could rise if there is a clear move above the USD 2,150 resistance.
- Ethereum started a recovery wave above the $2,125 zone.
- The price is trading below $2,150 and the 100-hourly Simple Moving Average.
- A contracting triangle is forming with resistance at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,150 zone.
Ethereum price aims for an upward breakout
Ethereum price, like Bitcoin, remained above the $2,080 support zone. ETH price formed a base and started a recovery wave above the USD 2,100 resistance.
The price surpassed the 50% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low. However, the bears are active around $2,150. A contracting triangle is also forming with resistance at $2,150 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,140 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,110, the price could rise again. Immediate resistance is seen around the $2,140 level. The first major resistance is near the $2,150 level or the 61.8% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low.
The next major resistance is around the $2,176 level. A clear move above the USD 2,176 resistance could send the price towards the USD 2,220 resistance. An upside break above the $2,220 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,265 or even $2,320 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 $2,110 level. The first major support is near the $2,065 zone.
A clear move below the USD 2,065 support could push the price towards the USD 2,020 support. Any further losses could send the price towards $2,000. The main support could be at USD 1,940.
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 above the 50 zone.
Major Support Level – $2,020
Major resistance level – $2,150