Ethereum price started a recovery wave from the $1,920 zone. ETH is now back above $2,000 and might aim for more gains in the near term.
- Ethereum started a recovery wave above the $2,000 zone.
- The price is trading above $2,000 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,050 zone.
Ethereum Price Aims Higher
Ethereum price started a recovery wave after it found support near the $1,920 zone, like Bitcoin. ETH price formed a base and was able to recover above the $1,980 resistance.
There was a break above a key bearish trend line with resistance at $1,960 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low.
The bulls even pushed the price above $2,020. Ethereum price is now trading above $2,000 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase. 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 of the downward move from the $2,200 swing high to the $1,912 low. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,150 resistance. An upside break above the $2,150 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,200 resistance zone or even $2,250 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,090 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,980 zone.
A clear move below the $1,980 support might push the price toward the $1,940 support. Any more losses might send the price toward the $1,920 region. The main support could be $1,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,980
Major Resistance Level – $2,090
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