Ethereum price managed to stay above $2,020 and recovered its losses. ETH is now rising and may attempt to break above the $2,150 resistance.
- Ethereum has started a decent rise above the $2,065 area.
- The price is trading above $2,080 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $2,065 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a further decline if it remains below the $2,150 resistance.
Ethereum price aims higher
Ethereum price remained stable above $2,020 and started a decent rally, beating Bitcoin. ETH price climbed above the $2,050 and $2,065 resistance levels.
There was a break above a key downtrend line with resistance at $2,065 on the ETH/USD hourly chart. The bulls pushed the price above the 50% Fibonacci retracement level of the downward move from the $2,168 high to $2,017 low.
Ethereum price is now trading above $2,080 and the 100 hourly simple moving average. If bulls remain in action above $2,065, the price could attempt a further rise. Immediate resistance is seen near the $2,140 level or the 83.2% Fibonacci retracement level of the downward move from the $2,168 high to $2,017 low.
The first key resistance is near the $2,150 level. The next major resistance is near the $2,180 level. A sharp move above the $2,180 resistance could send the price towards the $2,220 resistance. A bullish break above the $2,220 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $2,350 or even $2,380 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $2,150 resistance, it could begin a further decline. Initial downside support is near the $2,080 level. The first major support lies near the $2,065 area.
A sharp move below the $2,065 support could push the price towards the $2,020 support. Any further losses could push the price towards the $1,980 region. The main support could be $1,965.
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 – $2,065
Major Resistance Level – $2,150
