Ethereum price has started a recovery wave above the $2,100 zone. ETH is currently consolidating and may have difficulty staying above the resistance at $2,150.

• Ethereum started a wave of recovery from the $2,075 zone.
• The price is trading below $2,120 and the 100-hour elementary moving average.
• A bearish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with resistance at $2,120.
• The pair could start a novel decline if it stays below the $2,150 zone.

Ethereum price faces headwinds

Ethereum price remained above the $2,050 support zone, just like Bitcoin. ETH price formed a base and started a recovery wave above the resistance at $2,065.

The price has broken above the 38.2% Fib retracement level resulting from a downward move from the high of $2,197 to the low of $2,075. The bulls even pushed the price towards $2,150, but the bears remained busy. Additionally, a bearish trend line is forming on the hourly chart of ETH/USD with resistance at $2,120.

Ethereum price is currently trading below $2,120 and the 100-hour elementary moving average. If the bulls keep the action above $2,075, the price may be tempted to move higher. Immediate resistance is seen near the $2,120 level. The first key resistance is located near the $2,150 level or the 61.8% Fib retracement level in the move down from the high of $2,197 to the low of $2,075.

The next major resistance is near the $2,200 level. A clear move above the resistance at $2,200 could push the price towards the resistance at $2,220. An upward break above the $2,220 region could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone of $2,300 or even $2,315 in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,150, a novel decline could begin. Initial downside support is near the $2,085 level. The first major support is located near the $2,075 zone.

A clear move below the $2,075 support could push the price towards the $2,020 support. Any further losses could push the price towards the $2,000 region. The main support could be $1,940.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

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

Main support level – USD 2,050

Major resistance level – $2,150