Ethereum price started a recovery wave above the $1,880 zone. ETH is now consolidating and facing hurdles near the $2,020 resistance.
- Ethereum started a recovery wave above the $1,920 level.
- The price is trading below $1,950 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,020 and $2,040 resistance levels to start a decent increase.
Ethereum Price Faces Resistance
Ethereum price formed a base above the $1,820 level and started a recovery wave, similar to Bitcoin. ETH was able to clear the $1,880 and $1,920 resistance levels.
The bulls pushed the price above the $1,950 level. There was a move above the 50% Fibonacci retracement level of the downward wave from the $2,068 swing high to the $1,936 low. However, bearish sentiment seems to be active near the $2,020 resistance zone.
Currently, Ethereum price is trading below $1,950 and the 100-hourly Simple Moving Average. A short-term rising channel is forming with support at $1,980 on the hourly chart of ETH/USD.
On the upside, the price faces hurdles near the $2,020 level, with the next key resistance near the $2,040 level, coinciding with the 76.4% Fibonacci retracement level from the recent downward move.
The first major resistance level is situated at $2,040. A clear breakthrough above this level might propel the price towards $2,120. An upside break could potentially lead to further gains, with targets around $2,150 or even $2,250 in the near term.
Another Drop in ETH?
If Ethereum fails to breach the $2,040 resistance, it may experience another decline. Initial support on the downside is near the $1,980 level, with a significant support level at $1,950.
A clear move below the $1,950 support could push the price down towards $1,880, with further declines potentially seeing prices approach the $1,850 support level in the near term. The next key support is at $1,800.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $1,880
Major Resistance Level – $2,040
