Ethereum price started a steady recovery wave above $2,050. ETH is now struggling to clear $2,150 and could pare some gains in the near term.
- Ethereum started a decent upward move above the $2,020 zone.
- The price is trading above $2,050 and the 100-hourly Simple Moving Average.
- There was a break below a short-term contractual triangle with support at $2,135 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the USD 2,150 resistance.
Ethereum price is rejected
Ethereum price extended its recovery wave above $2,020, beating Bitcoin. ETH price was able to surpass the USD 2,050 and USD 2,065 resistance levels.
The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. However, the bears remained active near the USD 2,150 resistance zone. The price responded to the downtrend below $2,120.
There was a break below a short-term contractual triangle with support at $2,135 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,050 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,050, the price could rise again. Immediate resistance is seen around the $2,120 level.
The first major resistance is near the $2,150 level or the 83.2% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. The next major resistance is around the $2,200 level. A clear move above the USD 2,200 resistance could send the price towards the USD 2,250 resistance. An upside break above the $2,250 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,320 or even USD 2,350 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,150 resistance, it could trigger another decline. The initial downside support is near the $2,080 level. The first major support is near the $2,050 zone.
A clear move below the USD 2,050 support could push the price towards the USD 2,000 support. Any further losses could send the price towards $1,965. The main support could be at USD 1,920.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,050
Major resistance level – $2,150