Ethereum price started a recovery wave above the $2120 area. ETH price is now consolidating and may rise if there is a clear move above the $2,150 resistance level.
- Ethereum started a recovery wave above the $2,125 area.
- The price is trading below the $2,150 level and the 100 hourly simple moving average.
- There is a contracting triangle forming with resistance at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it remains below the $2,150 area.
Ethereum price is aiming for a bullish breakout
Ethereum price remained displayed above the $2,080 support area Bitcoin. ETH price formed a base and started a recovery wave above the $2,100 resistance level.
The price crossed the 50% Fibonacci retracement level of the downward move from the swing high of $2,197 to the swing low of $2,075. However, the bears are active near the $2,150 area. There is also a contracting triangle forming with resistance at $2,150 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,140 and 100 hourly simple moving average. If the bulls keep moving above the $2,110 level, the price may try to rise again. Immediate resistance is seen near the $2,140 level. The first major resistance is near the $2,150 level or the 61.8% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low.
The next major resistance is near the $2,176 level. A clear move above the $2,176 resistance level could send the price towards the $2,220 resistance level. A bullish break above the $2,220 area may require further gains in the coming days. In the mentioned case, Ether could rise towards the resistance area of $2,265 or even $2,320 in the near term.
Another drop in ETH?
If Ethereum fails to break above the $2,150 resistance level, it could start a new decline. Initial support on the downside is near the $2110 level. The first major support is near the $2,065 area.
A clear move below the $2,065 support level could push the price towards the $2,020 support level. Any further losses could send the price towards the $2,000 area. Major support could be at $1,940.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major Support Level – $2,020
Major resistance level – $2,150
