Ethereum Price Recovery Picks Up, Is a Breakout Now Brewing?

Ethereum price started a steady recovery wave above $2,000. ETH is now consolidating above $2,050 and might aim for more gains.

• Ethereum started a decent upward move from the $1,935 zone.
• The price is trading above $2,020 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $2,060 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 resistance.

Ethereum price failed to stay above $2,050 and extended losses, like Bitcoin. ETH price dipped below $2,020 and $2,000 to enter a bearish zone.

Finally, the bulls appeared near $1,935. A low was formed at $1,936, and the price is now recovering losses. There was a move above the $2,050 resistance. The price cleared the 50% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. Besides, there was a break above a key bearish trend line with resistance at $2,060 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,020 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,020, the price could attempt another increase. Immediate resistance is seen near the $2,120 level.

The first key resistance is near the $2,150 level or the 76.4% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. The next major resistance is near the $2,200 level. A clear move above the $2,200 resistance might send the price toward the $2,250 resistance. An upside break above the $2,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.

If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The first major support sits near the $2,020 zone.

A clear move below the $2,020 support might push the price toward the $1,980 support. Any more losses might send the price toward the $1,950 region. The main support could be $1,880.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,050

Major Resistance Level – $2,150