Ethereum price started a recovery wave above $2,000. ETH is now consolidating and eyeing an upside break above the $2,120 resistance.
Ethereum managed to stay above $1,880 and recovered some losses.
The price is trading below $2,120 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $2,200 zone.
Ethereum Price Faces Resistance
Ethereum price managed to form a base above $1,880 and started a recovery wave, like Bitcoin. ETH price traded above the $1,950 and $1,980 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The bulls even pushed the price above $2,050. However, they are facing hurdles near the $2,120 zone. There is also a major bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase. Immediate resistance is seen near the $2,110 level and the trend line.
The first key resistance is near the $2,200 level and the 76.4% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The next major resistance is near the $2,240 level.
A clear move above the $2,240 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,665 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,110 resistance, it could start a fresh decline. Initial support on the downside is near the $2,040 level. The first major support sits near the $2,000 zone.
A clear move below the $2,000 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,750 region. The main support could be $1,720.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,000
Major Resistance Level – $2,200
