Ethereum price has begun a recovery above the $2,000 area. ETH is currently struggling to clear $2,090 and is at risk of another downside in the near term.
- Ethereum has begun its recovery above the $2,000 area.
- The price is trading above $2,000 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows an expanding triangle forming with support at $2,020.
- If it stays below the $2,090 area, the pair could start a new downtrend.
Ethereum price pared some gains.
Ethereum price, like Bitcoin, extended its recovery after breaking through the $1,950 area. ETH price was able to break the $2,020 resistance zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low. However, they had difficulty breaking the resistance level of $2,090. The price has now pared some gains and is trading below $2,050.
Ethereum price is currently trading above $2,020 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, an expanding triangle is formed with support at $2,020.
If the uptrend continues above $2,020, the price could attempt another rally. Immediate resistance appears near the $2,050 level. The first major resistance is near the $2,090 level or the 61.8% Fib retracement level for a downside move from the $2,200 swing high to the $1,912 low.
The next major resistance is near the $2,150 level. A clear break above the $2,150 resistance level could push the price towards the $2,220 resistance level. A rally above the $2,220 area may require further upside in the coming days. If indicated, Ethereum could rise to the $2,265 resistance zone or $2,320 in the near term.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,050 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,020 level. The first major support is near the $1,990 area.
A clear decline below the $1,990 support could push the price towards the $1,925 support. Any more losses could push the price towards the $1,880 region. The main assistance amount could be $1,840.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now below the 50 area.
Key Support Level – $1,990
Key Resistance Level – $2,090