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Ethereum price is attempting a recovery wave above the $2,240 zone. ETH could gain bullish momentum if it clears the $2,300 resistance zone.
- Ethereum started an upside correction above the $2,200 zone.
- The price is trading above $2,240 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might start a steady increase if it clears the $2,300 resistance zone.
Ethereum Price Regains Strength
Ethereum price formed a base and started a recovery wave above the $2,220 resistance zone. ETH cleared the $2,240 resistance zone like Bitcoin to move into a short-term bullish zone.
However, the bears were active near the $2,300 zone. A high was formed at $2,307 before there was a pullback. The price declined below the $2,280 level. It broke the 23.6% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low.
The bulls are now active above the $2,240 support and the 50% Fib retracement level of the recovery wave from the $2,170 swing low to the $2,307 low. Recently, there was a break above a connecting bearish trend line with resistance near $2,265 on the hourly chart of ETH/USD.
Ethereum is now trading above $2,240 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,280 level. The next major resistance is near $2,300, above which the price might rise and test the $2,350 resistance.
Source: ETHUSD on TradingView.com
If the bulls push the price above the $2,350 resistance, they could aim for $2,420. A clear move above the $2,420 level might start a decent increase. In the stated case, the price could rise toward the $2,550 level.
Another Decline in ETH?
If Ethereum fails to clear the $2,300 resistance, it could start another decline. Initial support on the downside is near the $2,240 level.
The next key support could be the $2,220 zone. A daily close below the $2,220 support might start another major decline. In the stated case, Ether could test the $2,170 support. Any more losses might send the price toward the $2,120 level.
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 – $2,220
Major Resistance Level – $2,300
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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