Ethereum price is recovering losses from $2,120 support. ETH is up more than 3% and the price could rise if it overcomes the $2,250 resistance level.
- Ethereum is moving higher from the $2,120 support zone.
- The price is trading above $2,200 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 $2,210.
- A break above the $2,250 resistance area could push the price higher.
Ethereum price hike resumes
Ethereum price continued its downward trend below the $2,150 level. ETH remained strong above the $2,120 level. A low was formed near $2,116 and the price began a new rise, much like Bitcoin.
There was a move above the $2,150 and $2,200 resistance levels. The price crossed the 50% Fib retracement level moving down from the $2,332 swing high to the $2,116 low. Additionally, a breakout occurred above a major bearish trendline with resistance near $2,210 on the hourly chart of ETH/USD.
Ethereum is currently trading above $2,200 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,250. This is close to the 61.8% Fib retracement level of the downward move from the $2,332 swing high to the $2,116 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,280 level. A clear break above the $2,280 area could push the price towards the $2,330 level. The next resistance level is $2,400. More gains could start a wave towards the $2,550 level where Ethereum could try and test the $2,750 area.
Another decline in ETH?
If Ethereum fails to clear the $2,250 resistance, another decline could begin. Initial support on the downside is near the $2,210 level or the 100-hourly SMA.
The first major support could be the $2,200 zone. A break below and a close below $2,200 could start another big decline. As stated, Ether could revisit the $2,120 support. If more losses occur, the price could rise to the $2,000 level in the coming days.
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 – $2,200
Key Resistance Level – $2,250
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