Ethereum price started a recovery wave above the $2,110 zone. ETH is now consolidating and could struggle to stay above the USD 2,150 resistance.
- Ethereum started a recovery wave above the $2,120 zone.
- The price is trading below $2,140 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trendline 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 $2,150 zone.
Ethereum Price Eyes Recovery
Ethereum price, like Bitcoin, remained above the $2,065 support zone. ETH price formed a base and started a recovery wave above the USD 2,080 resistance.
The price surpassed the 50% Fib retracement level of the downward move from the $2,198 swing high to the $2,075 swing low. Additionally, there was a break above a bearish trendline with resistance at $2,110 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,150 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 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 $2,198 swing high to the $2,075 swing low.
The next major resistance is around the $2,175 level. A clear move above the USD 2,175 resistance could send the price towards the USD 2,200 resistance. An upside break above the $2,200 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,250 or even USD 2,265 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 $2,120 level. The first major support is near the $2,080 zone.
A clear move below the USD 2,080 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 gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,050
Major resistance level – $2,150