Ethereum price started a steady recovery wave above $2,050. ETH is now struggling to clear $2,150 and might trim some gains in the near term.
- Ethereum started a decent upward move above the $2,020 zone.
- The price is trading above $2,050 and the 100-hourly Simple Moving Average.
- There was a break below a short-term contracting triangle with support at $2,135 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,150 resistance.
Ethereum Price Faces Rejection
Ethereum price extended its recovery wave above $2,020, beating Bitcoin. ETH price was able to surpass the $2,050 and $2,065 resistance levels.
The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. However, the bears remained active near the $2,150 resistance zone. The price reacted to the downside below $2,120.
There was a break below a short-term contracting triangle with support at $2,135 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,050 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,050, the price could attempt another increase. Immediate resistance is seen near the $2,120 level.
The first key resistance is near the $2,150 level or the 83.2% 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 move above the $2,200 resistance might send the price toward the $2,250 resistance. An upside break above the $2,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,080 level. The first major support sits near the $2,050 zone.
A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,965 region. The main support could be $1,920.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,050
Major Resistance Level – $2,150
