Ethereum Price Shows Signs of Recovery
The price of Ethereum is attempting to recover above the $2,240 zone. If it clears the $2,300 resistance, it could gain bullish momentum.
- Ethereum started a correction above the $2,200 zone.
- The price is trading above $2,240 and the 100-hourly Simple Moving Average.
- A bearish trend line near $2,265 was broken on the hourly chart of ETH/USD (data feed via Kraken).
- If it clears the $2,300 resistance, the price might experience a steady increase.
Ethereum Price Regains Strength
The price of Ethereum formed a base and started a recovery above the $2,220 resistance zone. It cleared the $2,240 resistance to enter a short-term bullish zone.
However, the bears were active near the $2,300 zone. A high was formed at $2,307 before a pullback occurred. The price declined below the $2,280 level and broke the 23.6% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low.
The bulls are now active above the $2,240 support and the 50% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low. Recently, a bearish trend line was broken with resistance near $2,265 on the hourly chart of ETH/USD.
Ethereum is currently trading above $2,240 and the 100-hourly Simple Moving Average. On the upside, the main resistance is near the $2,280 level. The next major resistance is near $2,300, above which the price might rise and test the $2,350 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $2,350 resistance, they may aim for $2,420. A clear move above the $2,420 level might initiate a significant increase. In that case, the price could rise towards the $2,550 level.
Another Decline in ETH?
If Ethereum fails to clear the $2,300 resistance, it might start another decline. The initial support on the downside is near the $2,240 level.
The next key support could be the $2,220 zone. A daily close below the $2,220 support might trigger another major decline. In that case, Ether could test the $2,170 support. Any further losses could send the price towards the $2,120 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Main Support Level – $2,220
Main Resistance Level – $2,300
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