ethereum price is recovering from losses from the $2,120 support. eth is up over 3% and the price could gain pace if it breaks the $2,250 resistance.
- ethereum is rising from the $2,120 support zone.
- The price is trading above $2,200 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $2,210 on the hourly chart of eth/USD (data via Kraken).
- The pair could rise further if it breaks the $2,250 resistance zone.
ethereum price reset increases
ethereum price extended its decline below the $2,150 level. eth remained strong above the $2,120 level. A low was formed near $2,116 and the price started a new rise, like bitcoin.
There was a move above the $2,150 and $2,200 resistance levels. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $2,332 to the low of $2,116. There was also a break above a key downtrend line with resistance near $2,210 on the hourly chart of eth/USD.
ethereum is now trading above $2,200 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,250 level. It is close to the 61.8% Fibonacci retracement level of the downward move from the high of $2,332 to the low of $2,116.
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Fountain: ETHUSD on TradingView.com
The next key resistance is near the $2,280 level. A clear move above the $2,280 area could send the price towards the $2,330 level. The next resistance lies at $2,400. Any further gains could start a wave towards the $2,550 level, above which ethereum could rally and test the $2,750 zone.
Another drop in eth?
If ethereum fails to overcome the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,210 level or the 100 hourly SMA.
The first key support could be the $2,200 area. A break lower and a close below $2200 could start another major decline. In the given case, Ether could revisit the $2,120 support. Any further losses could send the price towards the $2,000 level in the coming days.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2200
Main Resistance Level: $2250
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