Ethereum price is recovering losses above $2,220. ETH could gain bullish momentum if it breaks clearly above the $2,285 resistance level.
- Ethereum began a new rise above the $2,180 and $2,200 levels.
- The price is trading above $2,220 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the main bearish channel with resistance near $2,215.
- A close above $2,285 and $2,300 could start a strong rally for the pair.
Ethereum price gains strength again
Ethereum price remained above $2,100. ETH formed a base and, like Bitcoin, could begin a recovery above the $2,150 resistance zone.
There was significant upside above the $2,180 resistance zone. Additionally, a breakout occurred above the main bearish channel with resistance near $2,215 on the hourly chart of ETH/USD. The pair cleared the 61.8% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.
Ethereum is currently trading above $2,220 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,285. This is close to the 76.4% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,350 level. The main resistance level is currently near $2,400. A clear break above the $2,400 area could push the price towards the $2,500 level. The next resistance level is $2,580. Any more gains could start a wave towards the $2,640 level.
Another decline in ETH?
If Ethereum fails to clear the $2,285 resistance, it could begin a new downtrend. Initial support on the downside is near the $2,230 level or the 100-hour simple moving average.
The next major support is at $2,180. The current main support amount is close to $2,120. A decline below $2,120 could begin another major decline. If specified, Ether could regain $2,000 support. A test of the $1,880 support zone in the near term may be necessary for further losses to occur.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,230
Key Resistance Level – $2,285
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