Ethereum price recovered from the $1,985 zone. ETH is showing positive signs and could rise further if it clears the USD 2,075 resistance.
- Ethereum is rebounding higher from the $1,985 zone.
- The price is trading above USD 2,040 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it remains above the 100-hour Simple Moving Average.
Ethereum price looks fresh
Ethereum price peaked before the $2,000 support before the bulls appeared. ETH traded as low as $1,986 and recently started a recovery wave, much like Bitcoin.
There was a decent increase above the USD 2,020 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low. Additionally, there was a break above a key bearish trendline with resistance around $2,040 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,040 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,075 zone. It is close to the 61.8% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low.
The first major resistance is near the $2,100 level. The next resistance is at $2,130. A clear move above the USD 2,130 level could send the price towards the USD 2,150 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,220, above which the price could aim for a move towards the USD 2,265 level. Any further gains could trigger a wave towards the $2,320 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,075 resistance, it could trigger another decline. The initial downside support is near the $2,045 level and the 100-hourly Simple Moving Average, below which the bears could gain strength.
The next major support is $2,000. A downward break below $2,000 could trigger a strong bearish move. The key support is now at $1,930, 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 losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,045
Major resistance level – $2,075