Ethereum price has started a wave of recovery above $2,000. $ETH The price is currently consolidating and looking for a breakout above the $2,120 resistance.
- Ethereum managed to sustain above $1,880 and recoup some of its losses.
- The price is trading below the 100-hour simple moving average at $2,120.
- On the hourly chart of , there is a major bearish trend line forming resistance at $2,110. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,200 zone, the decline could begin again.
Ethereum price faces resistance
Ethereum price managed to form a base above $1,880, and similar to Bitcoin, a wave of recovery began. $ETH The price traded above the $1,950 and $1,980 resistance levels.
Price rose above the 50% Fib retracement level of the decline from the swing high of $2,340 to the low of $1,745. The bulls pushed the price above $2,050. However, it faces a hurdle near the $2,120 zone. There is also a major bearish trendline forming resistance at $2,110 on the hourly chart. $ETH/USD.
Ethereum price is currently trading below $2,100 and its 100 hourly simple moving average. If the bulls sustain the action above $2,000, the price could try to move higher. Immediate resistance is seen near the $2,110 level and trendline.
The first major resistance is near the $2,200 level and the 76.4% Fib retracement level of the decline from the $2,340 swing high to the $1,745 low. The next major resistance level is near the $2,240 level.
A clear break above the $2,240 resistance could send the price towards the $2,350 resistance. A break above the $2,350 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,550 resistance zone and even $2,665 in the short term.
further decline $ETH?
If Ethereum fails to break through the $2,110 resistance level, a fresh decline could begin. The first support on the downside is near the $2,040 level. The first major support is located near the $2,000 zone.
A clear move below the $2,000 support could push the price towards the $1,880 support. Any further losses could send the price towards the $1,750 area. The main support could be at $1,720.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,000
High resistance level – $2,200
