Ethereum price recovered in the $1,985 region. ETH is showing positive signs and may rise further if it clears the $2,075 resistance level.
- Ethereum is recovering higher in the $1,985 area.
- The price is trading above $2,040 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance near $2,040.
- Staying above the 100-hour simple moving average can provide bullish momentum.
Ethereum Price Eyes Fresh Increase
Ethereum price surged before the $2,000 support line before an uptrend took place. ETH traded as low as $1,986 and recently began a Bitcoin-like recovery.
There was a significant increase above the $2,020 level. The price crossed the 23.6% Fib retracement level moving down from the $2,132 swing high to the $1,986 low. Additionally, a breakout occurred above a key bearish trendline with resistance near $2,040 on the ETH/USD hourly chart.
Ethereum is currently trading above $2,040 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,075. This is close to the 61.8% Fib retracement level of the downward move from the $2,132 swing high to the $1,986 low.
The first major resistance is near the $2,100 level. The next resistance level is $2,130. A clear break above the $2,130 level could lead the price towards the $2,150 resistance area.
Source: ETHUSD on TradingView.com
The next resistance level is near $2,220, if it breaks above it could target an advance towards the $2,265 level. Any more gains could start a wave towards the $2,320 level.
Another decline in ETH?
If Ethereum fails to clear the $2,075 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,045 level and the 100-hourly simple moving average, below which the downside may intensify.
The next major support is $2,000. A decline below $2,000 could trigger a strong bearish move. The key support level is currently at $1,930, and a break below this level risks a near-term decline towards the $1,880 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $2,045
Key Resistance Level – $2,075