Ethereum price started a recovery wave above the $2,100 zone. ETH is now consolidating and could struggle to stay above the USD 2,150 resistance.
- Ethereum started a recovery wave from the $2,075 zone.
- The price is trading below $2,120 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,150 zone.
Ethereum price faces hurdles
The Ethereum price, like Bitcoin, remained above the $2,050 support zone. ETH price formed a base and started a recovery wave above the USD 2,065 resistance.
The price surpassed the 38.2% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low. The bulls even pushed the price towards $2,150, but the bears remained active. Additionally, a bearish trendline is forming with resistance at $2,120 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,120 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,075, 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 61.8% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing 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 2,220 resistance. An upside break above the $2,220 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,300 or even USD 2,315 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 $2,085 level. The first major support is near the $2,075 zone.
A clear move below the USD 2,075 support could push the price towards the USD 2,020 support. Any further losses could send the price towards $2,000. The main support could be at USD 1,940.
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