Ethereum price started a steady recovery wave above $2,000. ETH is now consolidating above $2,050 and could target more gains.
- Ethereum started a decent upward move from the $1,935 zone.
- The price is trading above USD 2,020 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $2,060 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 attempts recovery
Ethereum’s price failed to stay above $2,050 and extended losses, just like Bitcoin. ETH price fell below USD 2,020 and USD 2,000 to enter a bearish zone.
Finally, the bulls appeared around $1,935. A low was formed at $1,936, and the price is now recovering losses. There was a move above the USD 2,050 resistance. The price reached the 50% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. Additionally, there was a break above a key bearish trendline with resistance at $2,060 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,020 and the 100-hourly Simple Moving Average. If the bulls continue in action above $2,020, the price may attempt to rise again. Immediate resistance is seen around the $2,120 level.
The first major resistance is near the $2,150 level or the 76.4% 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.
Another drop in ETH?
If Ethereum fails to clear the USD 2,120 resistance, it could trigger another decline. The initial downside support is near the $2,050 level. The first major support is near the $2,020 zone.
A clear move below the USD 2,020 support could push the price towards the USD 1,980 support. Any further losses could send the price towards $1,950. The main support could be at USD 1,880.
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