ethereum price recovered from the $1,985 zone. eth is showing positive signs and could rise further if it breaks the $2,075 resistance.
- ethereum is recovering from the $1,985 zone.
- The price is trading above $2,040 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it holds above the 100 hourly simple moving average.
ethereum price foresees a new increase
ethereum price spiked past the $2,000 support before the bulls emerged. eth traded as low as $1,986 and recently began a recovery wave, just like bitcoin.
There was a decent rise above the $2,020 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high $2,132 to the low $1,986. Additionally, there was a break above a key downtrend line with nearby resistance at $2,040 on the hourly chart of eth/USD.
ethereum is now trading above $2,040 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,075 zone. It is close to the 61.8% Fibonacci retracement level of the downward move from the high of $2,132 to the low of $1,986.
The first key resistance is near the $2,100 level. The next resistance is located at $2,130. A clear move above the $2,130 level could send the price towards the $2,150 resistance zone.
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Fountain: ETHUSD on TradingView.com
The next resistance is near $2,220, above which the price could point to a move towards the $2,265 level. Any further gains could start a wave towards the $2,320 level.
Another drop in eth?
If ethereum fails to overcome the $2,075 resistance, it could start a new decline. Initial support on the downside is near the $2,045 level and the 100 hourly simple moving average, below which the bears could gain strength.
The next key support is $2,000. A downside break below $2,000 could spark a strong bearish move. Key support is now at $1,930, below which there is a risk of a move towards the $1,880 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $2,045
Main Resistance Level: $2,075
