The Ethereum price started a recovery wave above $2,000. ETH is now consolidating and eyeing an upside break above the USD 2,120 resistance.
- Ethereum managed to stay above $1,880 and recoup some losses.
- The price is trading below $2,120 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,200 zone.
Ethereum price faces resistance
Ethereum price managed to form a base above $1,880 and started a recovery wave, just like Bitcoin. ETH price traded above the USD 1,950 and USD 1,980 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The bulls even pushed the price above $2,050. However, they face hurdles near the $2,120 zone. There is also a major bearish trendline forming with resistance at $2,110 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,000, the price may try to rise again. Immediate resistance is seen near the $2,110 level and trendline.
The first major resistance is near the $2,200 level and the 76.4% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The next major resistance is around the $2,240 level.
A clear move above the USD 2,240 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 2,110 resistance, it could trigger another decline. The initial downside support is near the $2,040 level. The first major support is near the $2,000 zone.
A clear move below the USD 2,000 support could push the price towards the USD 1,880 support. Any further losses could send the price towards $1,750. The main support could be at USD 1,720.
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 below the 50 zone.
Major Support Level – $2,000
Major resistance level – $2,200