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 fresh increase 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 declining channel with resistance near $2,215 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if there is a close above $2,285 and $2,300.
Ethereum Price Regains Strength
Ethereum price remained supported 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 increase above the $2,180 resistance zone. Besides, there was a break above a major declining channel with resistance near $2,215 on the hourly chart of ETH/USD. The pair cleared the 61.8% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.
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% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.
Source: 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 toward the $2,500 level. The next resistance sits at $2,580. Any more gains could start a wave toward the $2,640 level.
Another Decline in ETH?
If Ethereum fails to clear the $2,285 resistance, it could start a fresh 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 downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might call for a test of the $1,880 support zone in the near term.
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 – $2,230
Major Resistance Level – $2,285
