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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, like Bitcoin. ETH gained bearish momentum below the $2,220 and $2,250 support levels.
A low was formed at $2,003 and the price is now attempting a recovery wave. There was a move 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.
Ethereum price is now trading above $2,200 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $2,200 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,275 level.
The first major resistance is near the $2,340 level and the 61.8% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low. A clear move above the $2,340 resistance might send the price toward the $2,420 resistance.
An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,240 level. The first major support sits near the $2,220 zone.
A clear move below the $2,130 support might push the price toward the $2,080 support. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000.
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 – $2,220
Major Resistance Level – $2,275
