Ethereum price has started a recovery wave above the $2,120 zone. $ETH The price is currently consolidating and could move higher if there is a clear move above the $2,150 resistance.
- Ethereum has started a wave of recovery above the $2,125 zone.
- The price is trading below $2,150 and the 100-hour simple moving average.
- On the hourly chart of , there is a contracting triangle forming resistance at $2,150. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,150 zone, the decline could begin again.
Ethereum price aims for an upward break
Ethereum price continued to bid above the $2,080 support zone, similar to Bitcoin. $ETH Price formed a base and started a recovery wave above the $2,100 resistance.
Price crossed the 50% Fib retracement level of the decline from the swing high of $2,197 to the swing low of $2,075. However, the bears are active near $2,150. Also, on the hourly chart, resistance has formed at $2,150, forming a contracting triangle. $ETH/USD.
Ethereum price is currently trading below $2,140 and its 100 hourly simple moving average. If the bulls sustain the action above $2,110, the price could try to move higher. Immediate resistance is seen near the $2,140 level. The first major resistance is near the $2,150 level, or the 61.8% fibritracement level of the decline from the swing high of $2,197 to the swing low of $2,075.
The next major resistance level is near the $2,176 level. A clear break above the resistance at $2,176 could send the price towards the resistance at $2,220. A break above the $2,220 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,265 resistance zone and even $2,320 in the short term.
another drop in $ETH?
If Ethereum fails to break through the $2,150 resistance level, a fresh decline could begin. The first support on the downside is near the $2,110 level. The first major support is located near the $2,065 zone.
A clear move below the $2,065 support could push the price towards the $2,020 support. Any further losses could send the price towards the $2,000 area. The main support could be at $1,940.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,020
High resistance level – $2,150
