Ethereum price recovered from the $1,985 zone. ETH is showing positive signs and might rise further if it clears the $2,075 resistance. Ethereum price rebounds, 100 SMA crucial for growth.
Ethereum is recovering higher from the $1,985 zone.
The price is trading above $2,040 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it stays above the 100-hourly Simple Moving Average.
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Ethereum Price Eyes Fresh Increase
Ethereum's price experienced a surge, briefly dipping to $1,986 before witnessing a recovery wave similar to Bitcoin. The price successfully surpassed the $2,020 level and exceeded the 23.6% Fibonacci retracement level from the previous downward movement between the $2,132 swing high and the $1,986 low. Additionally, a key bearish trend line resistance near $2,040 was broken on the hourly chart of ETH/USD.
Currently, Ethereum is trading above $2,040 and the 100-hourly Simple Moving Average. However, it faces resistance around the $2,075 zone. This resistance level is in close proximity to the 61.8% Fibonacci retracement level of the previous downward movement from the $2,132 swing high to the $1,986 low.
The first significant resistance level lies near $2,100, followed by $2,130. A clear breakthrough above the $2,130 level could potentially push the price towards the $2,150 resistance zone.
The next resistance is near $2,220, above which the price could aim for a move toward the $2,265 level. Any more gains could start a wave toward the $2,320 level.
Another Decline in ETH?
If Ethereum fails to clear the $2,075 resistance, it could start a fresh decline. Initial support on the downside is near the $2,045 level and the 100-hourly Simple Moving Average, below which the bears might gain strength.
The next key support is $2,000. A downside break below $2,000 might spark a strong bearish move. The key support is now at $1,930, below which there is a risk of a move toward the $1,880 level in the near term.
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.
Major Support Level – $2,045
Major Resistance Level – $2,075
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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