Ethereum Price Eyes Breakout Move, Traders Watch Key Resistance Closely

Ethereum price started a recovery wave above the $2,120 zone. ETH is now consolidating and might rally if there is a clear move above the $2,150 resistance.

• Ethereum started a recovery wave above the $2,125 zone.
• The price is trading below $2,150 and the 100-hourly Simple Moving Average.
• There is a contracting triangle forming with resistance at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,150 zone.

Ethereum price remained bid above the $2,080 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the $2,100 resistance.

The price surpassed the 50% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low. However, the bears are active near $2,150. There is also a contracting triangle forming with resistance at $2,150 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,140 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,110, the price could attempt another increase. Immediate resistance is seen near the $2,140 level. The first key resistance is near the $2,150 level or the 61.8% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low.

The next major resistance is near the $2,176 level. A clear move above the $2,176 resistance might send the price toward the $2,220 resistance. An upside break above the $2,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,265 resistance zone or even $2,320 in the near term.

If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,110 level. The first major support sits near the $2,065 zone.

A clear move below the $2,065 support might push the price toward the $2,020 support. Any more losses might send the price toward the $2,000 region. The main support could be $1,940.

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 zone.

Major Support Level – $2,020

Major Resistance Level – $2,150