Ethereum price started a recovery wave from the $1,920 zone. ETH is now back above $2,000 and could be aiming for more gains in the near term.
- Ethereum started a recovery wave above the $2,000 zone.
- The price is trading above $2,000 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,050 zone.
Ethereum price aims higher
Ethereum’s price started a recovery wave after it, like Bitcoin, found support near the $1,920 zone. ETH price formed a base and was able to recover above the USD 1,980 resistance.
There was a break above a key bearish trendline with resistance at $1,960 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low.
The bulls even pushed the price above $2,020. The Ethereum price is now trading above $2,000 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,000, the price may try 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 $2,120 level. A clear move above the USD 2,120 resistance could send the price towards the USD 2,150 resistance. An upside break above the $2,150 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,200 or even USD 2,250 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,090 resistance, it could trigger another decline. The initial downside support is near the $2,000 level. The first major support is near the $1,980 zone.
A clear move below the USD 1,980 support could push the price towards the USD 1,940 support. Any further losses could send the price towards USD 1,920. 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 – $1,980
Major resistance level – $2,090