Ethereum price started a wave of recovery from the $2,020 area. ETH is now struggling to clear $2,080 and there is a risk of another decline in the near future.
- Ethereum started a wave of recovery above the $2,020 zone.
- The price is trading at $2,020 and above the 100-hourly moving average.
- There is a descending channel with support at $2000 on the hourly chart of ETH/USD (via data via Kraken).
- The pair can start a new decline if it stays above the $2,080 zone.
Ethereum price faces key resistance
Ethereum price extended its recovery wave after clearing the $1,965 zone, just like Bitcoin. ETH price managed to clear the $2,000 resistance zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from $2200 to $1912. The price even rose above $2,050, but hit sellers near $2,090. Bears protected more profits and pushed the price below $2,050.
Ethereum price is now trading above $2,000 and the 100-hour Simple Moving Average. There is also a descending channel forming with support at $2,000 on the hourly chart of ETH/USD.
If the bulls remain active above $2000, the price may attempt another rally. Immediate resistance is seen near the $2,055 level. The first key resistance is near the $2,080 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 $2,135 level. A clear move above the $2,135 resistance could send the price to the $2,150 resistance. A break above 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 $2220 in the near future.
Continued negative ETH?
If Ethereum fails to clear the $2,050 resistance, it may start a new decline. Initial support on the downside is near the $2,000 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 the $1,910 support. 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 $1,980
The main resistance level is $2,080
