Ethereum price started a wave of recovery from the $2,000 zone. ETH is now struggling to clear $2,090 and there is a risk of another decline 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.
- An expanding triangle is forming with support at $2,020 on the hourly chart of ETH/USD (via data via Kraken).
- The pair can start a new downtrend if it stays below the $2,090 zone.
The price of Ethereum is cutting some gains
Ethereum price extended its recovery wave after clearing the $1,950 zone, like Bitcoin. ETH price managed to clear the $2,020 resistance zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from $2200 to $1912. However, they struggled to clear the $2,090 resistance level. The price is now shedding some gains and is below $2,050.
Ethereum price is currently trading above $2,020 and the 100-hour Simple Moving Average. There is also an expanding triangle with support at $2,020 on the ETH/USD hourly chart.
If the bulls remain active above $2,020, 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 $2,150 level. A clear move above the $2,150 resistance could send the price to the $2,220 resistance. An upper break in the $2,220 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2,265 or even $2,320 in the near future.
More in ETH?
If Ethereum fails to clear the $2,050 resistance, it may start a new decline. Initial support on the downside is near the $2,020 level. The first major support is located near the $1,990 area.
A clear move supported by $1,990 could push the price to $1,925. Any further losses could send the price to the $1,880 zone. Key support could be $1,840.
Technical indicators
Hourly MACD – MACD for ETH/USD is accelerating in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
The main support level is $1,990
The main resistance level is $2,090
