Ethereum price remained strong and began a further rise above $2,000. ETH could continue to rise if it breaks the $2,075 resistance zone.
- Ethereum is once again moving above the $2,000 support zone.
- The price is trading above $2,000 and the 100 hourly simple moving average.
- A key bullish trendline is forming with support near $2,046 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could accelerate higher if it breaks the $2,075 resistance zone in the near term.
Ethereum price recovers $2,000
After a downward correction, Ethereum price found support near the $1,920 area. ETH traded at $1,933 and recently started a new rise as Bitcoin. There was a clear move above the $1,950 and $1,975 resistance levels.
There was a close above the 50% Fibonacci retracement level of the downward move from the $2,118 high to $1,933 low. Eventually it settled above the main $2,000 Resistance Zone.
Ethereum is now trading above $2,000 and the 100 hourly simple moving average. There is also a key bullish trendline forming with support near $2,046 on the ETH/USD hourly chart. Immediate resistance is near the $2,075 area. It is near the 76.4% Fibonacci retracement level of the downward move from the $2,118 high to $1,933 low.
Source: ETHUSD on TradingView.com
The next major resistance lies at $2,120. A close above the $2,120 resistance could trigger another strong move higher. The first resistance is near $2,150, above which the price could target a move towards the $2,200 level. Any further gains could trigger a wave towards the $2,250 level.
More losses in ETH?
If Ethereum fails to clear the resistance at $2,075 or the pivot level at $2,120, it could begin a further decline. Initial downside support is near the $2,045 level or the trendline.
The next key support is $2,025 or the 100 hourly simple moving average. The main support is $2,000. A downside break below the $2,000 support could begin a steady decline. In the presented case, Ether could fall towards the $1,920 support zone in the near term. Any further losses could result in a decline towards the $1,850 level.
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.
Major Support Level – $2,025
Major Resistance Level – $2,120