TA: Ethereum Reclaims $2K, Why Upsides Could Be Limited Above $2.2K

Aayush Jindal

1 year ago

2 mins read

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Ethereum found support near $1,700 against the US Dollar. ETH started a recovery wave and climbed above the key $2,000 resistance zone.

Ethereum started a decent recovery wave above the $1,900 and $2,000 levels.
The price is still trading below $2,150 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if it clears $2,150 and $2,200 in the near term.

Ethereum Price Breaks $2K

Ethereum extended losses below the key $2,000 support zone. ETH even broke the $1,800 level before the bulls took a stand near the $1,700 level.

A low was formed near $1,700 and the price started a fresh increase. There was a clear move above the $1,800 and $1,900 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD.

Ether price is now trading just above the 50% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. However, it is still trading below $2,150 and the 100 hourly simple moving average.

The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,200 level. It is close to the 61.8% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. A close above the $2,200 level could open the doors for a decent increase. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Source: ETHUSD on TradingView.com

In the stated case, ether price might rise towards the $2,400 resistance. An intermediate resistance may perhaps be near the $2,350 level.

Fresh Drop in ETH?

If ethereum fails to recover above the $2,200 resistance, it could start a fresh decline. An initial support on the downside is near the $2,000 zone.

The next major support is near the $1,870 level. A close below the $1,870 level might restart downtrend. In the stated case, the price could dive towards the $1,700 level. The next major support might be near the $1,620 and $1,600 levels in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,870

Major Resistance Level – $2,200

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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