Ethereum price started a recovery wave from the $2,000 support zone. ETH is now rising and might aim for a move above the $2,350 resistance zone.
- Ethereum started a fresh upward move above the $2,220 support zone.
- The price is trading above $2,220 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,275 and $2,350 resistance levels to start a decent increase.
Ethereum Price Eyes A Comeback
Ethereum price started a fresh decline below the $2,350 zone, similar to recent movements in Bitcoin. ETH experienced bearish momentum beneath the $2,220 and $2,250 support levels, forming a low at $2,003. Currently, the price is attempting a recovery wave, demonstrating movement above the $2,150 and $2,200 resistance levels. It even tested the 50% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.
Currently, Ethereum is trading above the $2,200 mark and the 100-hourly Simple Moving Average. Notably, a key rising channel is forming, with established support at $2,200 on the hourly chart of ETH/USD. Nevertheless, the price encounters resistance near the $2,275 level.
The first significant resistance area is around the $2,340 level, coinciding with the 61.8% Fib retracement level from the downward move that initiated at the $2,550 swing high to the $2,003 low. A clear breakout above the $2,340 resistance might propel the price towards the $2,420 resistance level.
Should the price breach the $2,420 resistance, it could open the door for additional gains in the upcoming sessions. In this scenario, Ethereum could rise towards the $2,500 resistance zone or potentially even challenge the $2,550 mark in the near term.
Is Another Drop Imminent for ETH?
Conversely, if Ethereum struggles to surpass the $2,275 resistance, a further decline could ensue. Initial support is anticipated near the $2,240 level, with the first major support residing around $2,220.
A definitive move below the $2,130 support could trigger a shift towards the $2,080 support level. Continued losses might push the price toward the $2,050 support in the near term, with the next substantial support being at $2,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD reflects increasing momentum within the bullish territory.
Hourly RSI – The RSI for ETH/USD has moved above the 50 threshold.
Major Support Level – $2,220
Major Resistance Level – $2,275
