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Ethereum -Price started a recovery wave above $ 2,500 zone. ETH has risen almost 10% and now stands for a major resistance near $ 2,920.
- Ethereum started a considerable upward movement above the $ 2,500 support zone.
- The price acts under $ 2,900 and the 100-hour simple advancing average.
- There is an important bearish trend line that forms with resistance at $ 2,920 on the hourly table of ETH/USD (data feed via Kraken).
- The couple can start a new decline if it remains below the $ 2,920 level.
Ethereum -Price tries recovery
Ethereum -Price started a large decrease in the $ 2,800 level, underperforming bitcoin. ETH fell under $ 2,650 and $ 2,500 levels to enter a bearish zone.
There was a clear movement below the level of $ 2,200. The price fell by more than 25% and tested the $ 2,120 zone. A layer was formed at $ 2,127 and the price recently started a new upward move. There was an increase above the level of $ 2,500.
The price exceeded the FIB retracement level of 50% of the downward movement of the $ 3,403 wing high to $ 2,127 swing low. De Beren, however, are now active in the vicinity of the $ 2,900 zone. There is also an important bearish trend line that forms with resistance at $ 2,920 on the hour table ETH/USD.
Ethereum price now trades under $ 2,900 and the 100-hour simple advancing average. At the top the price seems to have to do with obstacles near the level of $ 2,900. The first major resistance is near the level of $ 2,920 and the trend line or the 61.8% FIB retracement level of the downward movement of the $ 3,403 wing high to the $ 2,127 Swing Low.
The most important resistance is now almost $ 3,000. A clear movement above the $ 3,000 resistance can send the price to $ 3,120 resistance. An upward break above the $ 3,120 resistance can request more profit in the coming sessions. In the indicated case, Ether could rise to the $ 3,250 resistance zone or even $ 3,320 in the short term.
Another drop in ETH?
If Ethereum did not know the resistance of $ 2,900, this can start a new decline. The first support on the disadvantage is near the level of $ 2,765. The first major support is near the $ 2,650.
A clear movement under the support of $ 2,650 can push the price to $ 2,500 support. All losses can send the price in the short term to the support level of $ 2,420. The following key support is at $ 2,350.
Technical indicators
Hour MacD – The MACD for ETH/USD is gaining force in the bullish zone.
Hour RSI – The RSI for ETH/USD is now above 50 zone.
Large support level – $ 2,765
Main resistance level – $ 2,920
