Ethereum price managed to stay above $2,020 and recovered losses. ETH is now rising and might attempt a move above the $2,150 resistance.
- Ethereum started a decent upward move above the $2,065 zone.
- The price is trading above $2,080 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,065 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,150 resistance.
Ethereum Price Aims Higher
Ethereum price remained stable above $2,020 and started a decent upward move, beating Bitcoin. ETH price climbed above the $2,050 and $2,065 resistance levels.
There was a break above a key bearish trend line with resistance at $2,065 on the hourly chart of ETH/USD. The bulls pumped the price above the 50% Fib retracement level of the downward move from the $2,168 swing high to the $2,017 low.
Ethereum price is now trading above $2,080 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,065, the price could attempt another increase. Immediate resistance is seen near the $2,140 level or the 83.2% Fib retracement level of the downward move from the $2,168 swing high to the $2,017 low.
The first key resistance is near the $2,150 level. The next major resistance is near the $2,180 level. A clear move above the $2,180 resistance might send the price toward the $2,220 resistance. An upside break above the $2,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,350 resistance zone or even $2,380 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,080 level. The first major support sits near the $2,065 zone.
A clear move below the $2,065 support might push the price toward the $2,020 support. Any more losses might send the price toward the $1,980 region. The main support could be $1,965.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,065
Major Resistance Level – $2,150
