Ethereum price has started a recovery wave above the $2,350 resistance zone. ETH can gain bullish momentum if it breaks above the $2,680 resistance zone.
- Ethereum recovered above the $2,350 and $2,420 levels.
- The price is trading below $2,640 and the 100 hourly simple moving average.
- According to data provided by Kraken, there is a support line formed at $2,440 on the hourly chart of ETH/USD, with a connected bullish trend line forming.
- The pair could see a steady uptrend if it breaks through the $2,680 resistance zone.
Ethereum Price Aims Higher
Ethereum price has started a recovery wave after a sharp rise below the $2,000 level. ETH has broken above the $2,200 and $2,250 resistance levels, while Bitcoin has surpassed $65,000.
There was a move above the 50% Fibonacci correction level of the downtrend from the $2,920 swing high to the $1,910 swing low. In addition, there is a bullish trend line connected to support at $2,440 on the hourly chart of ETH/USD. However, there is bearish activity near the $2,540 and $2,550 levels.
Ethereum price is still trading below $2,650 and the 100 hourly simple moving average. On the upside, the price is facing obstacles near the $2,540 level and the 61.8% Fib rectification level of the downtrend from the $2,920 swing high to the $1,910 swing low.
The first major resistance is near the $2,680 level and the 100-hour SMA. The next major hurdle is near the $2,720 level. A close above the $2,720 level could push Ether towards the $2,860 resistance. The next major resistance is near the $2,920 level. A break above the $2,920 resistance could push the price towards the $3,000 resistance in the short term.
Will ETH fall again?
If Ethereum fails to break the $2,540 resistance, it could start another downtrend. The initial support for the downtrend is near $2,440 and the trendline area. The first major support is near the $2,365 area.
A clear move below the $2,365 support level could see the price rise to $2,250. Further losses could see the price rise to the $2,120 support level in the short term. The next major support level is $2,050.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in a bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $2,365
Key Resistance Level – $2,540