Ethereum price has started a recovery wave above the $2,065 zone. ETH is currently consolidating above $2,120 and could seek more gains if it breaks through the $2,200 resistance.

• Ethereum has started a recovery wave above the $2,125 zone.
• The price is holding above $2,140 and the 100-hour plain moving average.
• There has been a break above a key bearish trend line with resistance at $2,145 on the ETH/USD hourly chart (data fed via Kraken).
• The pair could start a recent decline if it stays below the resistance at $2,200.

Ethereum price is seeing steady gains

Ethereum price managed to stay above $2,020 and started a recovery wave, just like Bitcoin. ETH price was able to climb above the $2,065 and $2,120 resistance levels.

The price has broken through the 38.2% Fib retracement level, representing a downward move from a high of $2,385 to a low of $2,025. Additionally, there was a break above the key bearish trend line with resistance at $2,145 on the ETH/USD hourly chart.

Ethereum price is currently trading above $2,120 and the 100-hour plain moving average. If the bulls keep the action above $2,100, the price may be tempted to move higher again. Immediate resistance is seen near the $2,180 level. The first key resistance is located near the $2,200 level or the 50% Fib retracement level on the move down from the $2,385 high to the $2,025 low.

The next major resistance is near the $2,250 level. A clear move above the resistance at $2,250 could push the price towards the resistance at $2,300. An upward break above the $2,300 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $2,345 or even $2,365 in the near future.

Another ETH drop?

If Ethereum fails to break the resistance at $2,180, a recent decline could begin. Initial downside support is near the $2,140 level. The first major support is located near the $2,110 zone.

A clear move below the support at $2,110 could push the price towards the support at $2,065. Any further losses could push the price towards the $2010 region. The main support can be $2,000.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 2,065

Major resistance level – $2,180