Ethereum price started a wave of recovery from the $1,920 zone. ETH is now back above $2,000 and could make further gains in the near future.
- Ethereum started a wave of recovery from the $2,000 zone.
- The price is trading above $2,000 and above the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via data via Kraken) there was a break above a key downtrend line with resistance at $1,960.
- The pair can start a new decline if it stays above the $2,050 zone.
The price of Ethereum is higher
Ethereum price started a wave of recovery after finding support near the $1,920 area like Bitcoin. ETH price formed a base and managed to bounce back above the $1,980 resistance.
On the hourly chart of ETH/USD, there was a break above the main downtrend line with resistance at $1,960. The pair broke above the 23.6% Fib retracement level, which reduced the downside move from $2,200 to $1,912.
The bulls even pushed the price above $2020. Ethereum price is now trading above $2,000 and the 100-hour Simple Moving Average. If the bulls remain active above $2000, the price may attempt another rally. Immediate resistance is seen near the $2,050 level.
The first key resistance is near the $2,090 level or the 61.8% Fib retracement level on the move down from $2,200 to $1,912. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance could send the price to the $2,150 resistance. An upper break in the $2,150 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2200 or even $2250 in the near future.
Another drop in ETH?
If Ethereum fails to clear the $2,090 resistance, it may start a new decline. Initial support on the downside is near the $2,000 level. The first major support is located near the $1,980 area.
A clear move from the $1,980 support could push the price to $1,940. Any further losses could send the price to the $1,920 zone. Key support could be $1,880.
Technical indicators
Hourly MACD – MACD for ETH/USD is accelerating in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
The main support level is $1,980
The main resistance level is $2,090
