Ethereum price recovered all losses and climbed above $2,050. ETH outperformed Bitcoin and might aim for more gains above the $2,120 resistance.
Ethereum remained strong above $1,930 and started a fresh increase above $2,000.
The price is trading above $2,020 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is up over 5% and the bulls could aim for more upsides above $2,100.
Ethereum Price Turns Green
Ethereum price remained well-bid above the $1,930 support after a steady decline post report of Binance settlement. ETH formed a base and started a strong increase above the $2,000 resistance.
There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD. The pair gained strength and climbed above the $2,020 resistance. It gained over 5% and outperformed Bitcoin. Finally, it tested the $2,100 zone.
A high is formed near $2,092 and Ethereum is now consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.
It is well above $2,020 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. The first key resistance is near the $2,120 level. A clear move above the $2,120 level could spark another strong increase.
Source: ETHUSD on TradingView.com
The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.
Another Downside Correction in ETH?
If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The next key support is $2,000 or the 50% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.
The main support is now near $1,980. A downside break below the $1,980 support might trigger more losses. In the stated case, Ether could drop toward the $1,920 support zone in the near term.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $2,000
Major Resistance Level – $2,120
