The price of Ethereum ended up above $2,020 and recovered the losses. ETH is now rising and may try to move above $2,150 resistance.
- Ethereum started an upward move above the $2,065 zone.
- The price is trading above $2,080 and the 100-hourly Simple Moving Average.
- There was a break above the key bearish resistance line at $2,065 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a new low if it breaks below the $2,150 resistance.
The price of Ethereum is very high
The price of Ethereum settled above $2,020 and started to move well, hitting Bitcoin. ETH price rose above $2,050 and $2,065 resistance levels.
There was a break above an important bearish line with resistance at $2,065 on the ETH/USD hourly chart. The bulls pumped the price above the 50% Fib retracement level of the down from the $2,168 swing up to the $2,017 low.
The price of Ethereum is now trading above $2,080 and the 100 Hours of Easy Walking Average. If bulls continue to work above $ 2,065, the price may try to increase further. Resistance at the same time is seen near the level of $ 2,140 or 83.2% Fib retracement level of the downdown from the $ 2,168 swing up to the $ 2,017 low.
The first important resistance is near the $2,150 level. The next major resistance is near the $2,180 level. A clear move above the $2,180 resistance could send the price to the $2,220 resistance. A recent break above the $2,220 area may demand more gains in the coming days. For the reasons stated, Ether may rise to the resistance area of $2,350 or $2,380 in the near future.
Another drop in ETH?
If Ethereum fails to clear the resistance of $2,150, it may initiate a new low. The initial support at the bottom is near the $2,080 level. The first major support is near the $2,065 zone.
A clear move below the $2,065 support could push the price towards the $2,020 support. Any further damage could send the price to the $1,980 area. The maximum subsidy can be $1,965.
Technical Indicators
MACD hourly – MACD of ETH/USD is increasing in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Maximum Contribution Rate – $2,065
Maximum Objection Level – $2,150
