Ethereum price remained well above the USD 2,020 level. ETH is now rising and the bulls seem to be aiming for a move towards the $2,200 level.
- Ethereum is making another attempt to break the USD 2,100 and USD 2,120 resistance levels.
- The price is trading above $2,050 and the 100-hourly Simple Moving Average.
- There was a break above a key contract triangle with resistance around $2,055 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks the $2,120 resistance zone.
Ethereum price regains strength
Ethereum price started a downward correction below the USD 2,050 level. ETH tested the USD 2,020 support with the bulls taking a stand. A low formed around $2,019 before the price climbed higher, much like Bitcoin.
The price has crossed the USD 2,050 resistance zone. There was a break above a key contracting triangle with resistance around $2,055 on the hourly chart of ETH/USD. The pair climbed above the 50% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low.
Ethereum is now trading above $2,050 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,095 zone or the 76.4% Fib retracement level of the downward move from the $2,126 swing high to the $1,986 low.
The first major resistance is near the $2,100 level. The next resistance is at $2,120. A clear move above the USD 2,120 level could send the price towards the USD 2,200 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,250, above which the price could aim for a move towards the USD 2,320 level. Any further gains could trigger a wave towards the $2,440 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,100 resistance, it could trigger another decline. The initial downside support is near the $2,055 level. The next major support is at USD 2,040.
The main support is now near $2,000. A downward break below $2,000 could trigger a steady decline. The key support is now at $1,920, below which there is a risk of a move towards the $1,880 level in the near term.
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 level.
Major support level – $2,050
Major resistance level – $2,120