Ethereum price recovers losses above USD 2,220. ETH could gain bullish momentum if there is a clear move above the USD 2,285 resistance zone.
- Ethereum started a new increase above the USD 2,180 and USD 2,200 levels.
- The price is trading above USD 2,220 and the 100-hourly Simple Moving Average.
- There was a break above a key descending channel with resistance around $2,215 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a strong rise if it closes above $2,285 and $2,300.
Ethereum price regains strength
Ethereum price remained supported above the $2,100 zone. ETH formed a base and, like Bitcoin, was able to trigger a recovery wave above the $2,150 resistance zone.
There was a decent rise above the USD 2,180 resistance zone. Additionally, there was a break above a key descending channel with resistance around $2,215 on the hourly chart of ETH/USD. The pair crossed the 61.8% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.
Ethereum is now trading above $2,220 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $2,285 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,378 swing high to the $1,980 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,350 level. The main resistance is now near USD 2,400. A clear move above the $2,400 zone could send the price towards the $2,500 level. The next resistance is at $2,580. Any further gains could trigger a wave towards the $2,640 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,285 resistance, it could trigger another decline. Initial downside support is near the $2,230 level or the 100-hourly Simple Moving Average.
The next major support is at USD 2,180. The main support is now near USD 2,120. A downward break below $2,120 could trigger another big decline. In the said case, Ether could revisit the $2,000 support. Further losses could require a test of the $1,880 support zone in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,230
Major resistance level – $2,285
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