The price of Ethereum showed a steady recovery above $2,000. ETH is currently consolidating above $2,050 and could target further gains.
- Ethereum started a significant uptrend in the $1,935 area.
- The price is trading above $2,020 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the main bearish trend line with resistance at $2,060.
- A stay below the $2,150 resistance could start a new downtrend.
Ethereum price recovery attempt
Ethereum price failed to stay above $2,050 and, like Bitcoin, losses widened. The price of ETH fell below $2,020 to $2,000 and entered the bearish range.
Finally, the bull appeared near $1,935. The lowest point was made at $1,936 and the price is now recovering its losses. There was a move above the $2,050 resistance level. Price cleared the 50% Fib retracement level moving down from the $2,198 swing high to the $1,936 low. Moreover, on the ETH/USD hourly chart, it broke the key bearish trend line with resistance at $2,060.
Ethereum price is currently trading above $2,020 and the 100-hour simple moving average. If the uptrend continues above $2,020, the price could attempt another rally. Immediate resistance appears near the $2,120 level.
The first major resistance is near the $2,150 level, i.e. the 76.4% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. The next major resistance is near the $2,200 level. A clear break above the $2,200 resistance level could push the price towards the $2,250 resistance level. An uptick above the $2,250 area could lead to further gains in the coming days. If indicated, Ethereum could rise to the $2,320 resistance zone or $2,350 in the near term.
Another drop in ETH?
If Ethereum fails to clear the $2,120 resistance, a new downtrend could begin. Initial support for the downside is near the $2,050 level. The first major support is near the $2,020 area.
A clear move below the $2,020 support could push the price towards the $1,980 support. Any more losses could push the price towards the $1,950 region. The main assistance amount could be $1,880.
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 area.
Key Support Level – $2,050
Key Resistance Level – $2,150