ethereum price is recovering losses above $2,220. eth could gain bullish momentum if there is a clear move above the $2,285 resistance zone.
- ethereum started a new rise above the $2,180 and $2,200 levels.
- The price is trading above $2,220 and the 100 hourly simple moving average.
- There was a break above a major descending channel with resistance near $2,215 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a strong rise if there is a close above $2,285 and $2,300.
ethereum price regains strength
ethereum price remained above the $2,100 zone. eth formed a base and was able to start a recovery wave above the $2,150 resistance zone, like bitcoin.
There was a decent rise above the $2,180 resistance zone. Additionally, there was a break above a major descending channel with resistance near $2,215 on the hourly chart of eth/USD. The pair surpassed the 61.8% Fibonacci retracement level of the downward move from the high of $2,378 to the low of $1,980.
ethereum is now trading above $2,220 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,285 level. It is close to the 76.4% Fibonacci retracement level of the downward move from the high of $2,378 to the low of $1,980.
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Fountain: ETHUSD on TradingView.com
The next key resistance is near the $2,350 level. The main resistance is now near $2,400. A clear move above the $2,400 zone could send the price towards the $2,500 level. The next resistance is located at $2,580. Any further gains could start a wave towards the $2,640 level.
Another drop in eth?
If ethereum fails to overcome the $2,285 resistance, it could start a new decline. Initial support on the downside is near the $2,230 level or the 100 hourly simple moving average.
The next key support is $2,180. The main support is now near $2,120. A break below $2,120 could start another major decline. In the given case, Ether could revisit the $2,000 support. Any further losses could require a test of the $1,880 support zone in the near term.
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: $2230
Main Resistance Level: $2285
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