Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price is recovering losses from the $2,120 support. ETH is up over 3% and the price could gain pace if it clears the $2,250 resistance.
- Ethereum is moving higher 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 feed via Kraken).
- The pair could climb further higher if it clears the $2,250 resistance zone.
Ethereum Price Restarts Increase
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 fresh increase, like Bitcoin.
There was a move above the $2,150 and $2,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,332 swing high to the $2,116 low. There was also a break above a key bearish trend 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% Fib retracement level of the downward move from the $2,332 swing high to the $2,116 low.
Source: ETHUSD on TradingView.com
The next key resistance is near the $2,280 level. A clear move above the $2,280 zone could send the price toward the $2,330 level. The next resistance sits at $2,400. Any more gains could start a wave toward the $2,550 level, above which Ethereum might rally and test the $2,750 zone.
Another Decline in ETH?
If Ethereum fails to clear 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 zone. A downside break and a close below $2,200 might start another major decline. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,000 level in the coming days.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $2,200
Major Resistance Level – $2,250
