Ethereum price started a recovery wave from the $1910 area. Ethereum is up more than 10% and is now stable near the $2500 area.
- Ethereum started a recovery wave above the $2,250 and $2,400 levels.
- The price is trading below the $2650 level and the 100-hour simple moving average.
- There was a break above a major bearish trend line with resistance at $2,400 on the hourly chart of the ETH/USD pair (data feed via Kraken).
- The pair may face difficulty in breaking the resistance zone at $2,680.
Ethereum price up 10%
Ethereum price gained bearish momentum below the $2,500 support level. Ethereum dragged Bitcoin lower and traded below the $2,200 support level. It even rose below the $2,000 level before the bulls emerged.
A low was formed at $1,911 and the price recently started a recovery wave. There was a recovery wave above the $2,250 level. The price broke the 50% Fib retracement level of the downward move from the $2,920 swing high to $1,910 swing low.
Moreover, there was a break above a major bearish trend line with resistance at $2,400 on the hourly chart of the ETH/USD pair. Ethereum price is still trading below $2,650 and the 100-hour simple moving average.
On the upside, the price is facing hurdles near the $2,550 level and the 61.8% Fib retracement level of the downward move from the $2,920 high to $1,910 low. The first major resistance is near the $2,680 level.
The next major hurdle is near the $2,650 level. A close above the $2,650 level could send Ether towards the $2,850 resistance level. The next major resistance is near the $2,880 level. An upside break above the $2,880 resistance level could send the price towards the $3,000 resistance area in the near term.
Another drop in ETH?
If Ethereum fails to clear the $2,550 resistance level, it could start declining again. Initial support on the downside is near $2,365. The first major support is near the $2,250 area.
A clear move below the $2250 support could push the price towards $2050. Any further losses could push the price towards the $2000 support in the near term. The next major support level is at $1920.
Technical indicators
MACD hourly – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $2,365
Key Resistance Level – $2550
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