Ethereum Price Builds Tension Below Resistance, Breakout Risk Rising

Ethereum price started a recovery wave above $2,000. ETH is now consolidating and eyeing an upside break above the $2,120 resistance.

  • Ethereum managed to stay above $1,880 and recovered some losses.
  • The price is trading below $2,120 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if it stays below the $2,200 zone.

Ethereum Price Faces Resistance

Ethereum price managed to form a base above $1,880 and started a recovery wave, like Bitcoin. ETH price traded above the $1,950 and $1,980 resistance levels.

The price climbed above the 50% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The bulls even pushed the price above $2,050. However, they are facing hurdles near the $2,120 zone. There is also a major bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase. Immediate resistance is seen near the $2,110 level and the trend line.

The first key resistance is near the $2,200 level and the 76.4% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The next major resistance is near the $2,240 level.

Source: ETHUSD on TradingView.com

A clear move above the $2,240 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,665 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,110 resistance, it could start a fresh decline. Initial support on the downside is near the $2,040 level. The first major support sits near the $2,000 zone.

A clear move below the $2,000 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,750 region. The main support could be $1,720.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,000

Major Resistance Level – $2,200

Source link

Spread the love

Related posts

Leave a Comment