Ethereum price started a recovery wave above the $2,000 zone. ETH is now struggling to clear $2,090 and remains at risk of another near-term decline.
- Ethereum started a recovery wave above the $2,000 zone.
- The price is trading above $2,000 and the 100-hourly Simple Moving Average.
- A growing triangle is forming with support at $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,090 zone.
Ethereum price cuts some gains
Ethereum price extended its recovery wave after reaching the $1,950 zone like Bitcoin. ETH price was able to break the USD 2,020 resistance zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low. However, they struggled to break the USD 2,090 resistance level. The price is now cutting off some gains and trading below $2,050.
Ethereum price is now trading above $2,020 and the 100-hourly Simple Moving Average. A growing triangle is also forming with support at $2,020 on the hourly chart of ETH/USD.
If the bulls remain in action above $2,020, the price may attempt to rise again. Immediate resistance is seen around the $2,050 level. The first major resistance is near the $2,090 level or the 61.8% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low.
The next major resistance is around the $2,150 level. A clear move above the USD 2,150 resistance could send the price towards the USD 2,220 resistance. An upside break above the $2,220 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $2,265 or even $2,320 in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,050 resistance, it could trigger another decline. The initial downside support is near the $2,020 level. The first major support is near the $1,990 zone.
A clear move below the USD 1,990 support could push the price towards the USD 1,925 support. Any further losses could send the price towards $1,880. The main support could be at USD 1,840.
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 – $1,990
Major resistance level – $2,090