Ethereum price recovered all losses and climbed above $2,050. ETH outperformed Bitcoin and could aim for more gains above the USD 2,120 resistance.
- Ethereum held strong above $1,930 and started a new rise above $2,000.
- 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 around $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is up over 5% and bulls could target more gains above $2,100.
Ethereum price turns green
Ethereum price remained well above the $1,930 support after a steady decline following the Binance settlement report. ETH formed a base and started a strong rise above the USD 2,000 resistance.
There was a break above a major bearish trendline with resistance around $1,980 on the hourly chart of ETH/USD. The pair gained strength and climbed above the $2,020 resistance. It gained more than 5% and outperformed Bitcoin. Finally, it tested the $2,100 zone.
A high is forming near $2,092 and Ethereum is now consolidating gains. It tests the 23.6% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.
It is well above $2,020 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. The first major resistance is near the $2,120 level. A clear move above the USD 2,120 level could lead to another strong increase.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,200, above which the price could aim for a move towards the USD 2,250 level. Any further gains could trigger a wave towards the $2,320 level.
Another negative correction in ETH?
If Ethereum fails to clear the USD 2,120 resistance, it could trigger another decline. The initial downside support is near the $2,050 level. The next major support is $2,000 or the 50% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.
The main support is now near $1,980. A downward break below the USD 1,980 support could lead to more losses. In the mentioned case, Ether could fall towards the $1,920 support zone in the short term.
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 level.
Major Support Level – $2,000
Major resistance level – $2,120
