Ethereum price has started a recovery wave above the $2,120 zone. ETH is currently consolidating and could rise if there is a clear move above the resistance at $2,150.
- Ethereum has started a recovery wave above the $2,125 zone.
- The price is trading below $2,150 and the 100-hour basic moving average.
- A contracting triangle is forming on the hourly chart of ETH/USD (data suction via Kraken) with resistance at $2,150.
- The pair could start a novel decline if it stays below the $2,150 zone.
Ethereum price is set to break higher
Ethereum price remained above the $2,080 support zone, just like Bitcoin. ETH price formed a base and started a recovery wave above the $2,100 resistance.
The price has breached the 50% Fib retracement level resulting from a downward move from the high of $2,197 to the low of $2,075. However, bears are dynamic near $2,150. A contracting triangle is also forming on the hourly chart of ETH/USD with resistance at $2,150.
Ethereum price is currently trading below $2,140 and the 100-hour basic moving average. If the bulls keep the action above $2,110, the price may be tempted to move higher. Immediate resistance is seen near the $2,140 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 $2,176 level. A clear move above the resistance at $2,176 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 at $2,265 or even $2,320 in the near future.
Another ETH drop?
If Ethereum fails to break the resistance at $2,150, a novel decline could begin. Initial downside support is near the $2,110 level. The first major support is located near the $2,065 zone.
A clear move below the $2,065 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Main support level – USD 2,020
Major resistance level – $2,150
