Ethereum price started a wave of recovery from the $2,050 zone. ETH is currently showing positive signs and could aim to make more gains above $2,150.
- Ethereum started a wave of recovery above the $2,050 zone.
- The price is trading above $2,050 and above the 100-hourly moving average.
- The hourly ETH/USD chart (via data via Kraken) has broken above the descending channel with resistance at $2,080.
- The pair can start a new decline if it stays above the $2,150 zone.
Ethereum price clears resistance
Ethereum price extended its recovery wave after clearing the $1,980 area like Bitcoin. ETH price managed to clear the $2,020 resistance zone.
The bulls pushed the price above the 61.8% Fib retracement of the lower move from $2,200 to $1,912. Furthermore, a break above the descending channel with resistance at $2,080 was formed on the hourly chart of ETH/USD.
Finally, the price tested the 76.4% Fib retracement level of the move down from $2200 to $1912. Ethereum price is currently trading above $2,080 and the 100-hour Simple Moving Average.
If the bulls remain active above $2,050, the price may attempt another rally. Immediate resistance is seen near the $2,135 level. The first key resistance is near the $2,150 level. The next major resistance is near the $2,220 level. A clear move above the $2,220 resistance could send the price to the $2,250 resistance. A break above the $2,250 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2,320 or even $2,340 in the near future.
Another drop in ETH?
If Ethereum fails to clear the $2,135 resistance, it may start a new decline. Initial support on the downside is near the $2,080 level. The first major support is located near the $2,050 area.
A clear move supported by $2,050 could push the price to $2,000. Any further losses could send the price to the $1,950 zone. Key support could be $1,920.
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 $2,050
The main resistance level is $2,150
