ETH/USD found support near $1,700. ETH started a recovery wave and climbed above the key $2,000 resistance.
- Ethereum started a nice recovery wave above $1,900 and $2,000.
- The price remains below $2,150 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate higher if it clears $2,150 and $2,200 in the near term.
Ethereum price crosses $2,000
Ethereum extends losses to below Key $2,000 Support Zone. ETH even broke the $1,800 level before the bulls stood near $1,700.
A low was formed near $1,700 and the price started a fresh increase. There is a clear move above the $1,800 and $1,900 resistance levels. Additionally, there was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD.
Ether price is currently trading just above the 50% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. However, it is still trading below $2,150, 100 hourly simple moving average.
The first major resistance is near $2,150. The main resistance is now near $2,200. It is near the 61.8% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. A close above $2,200 could open the door for a sharp rise.
Source: ETHUSD on TradingView.com
In the aforementioned scenario, ether price could rise towards the $2,400 resistance. Intermediate resistance is likely near $2,350.
New ETH down?
If Ethereum fails to recover above the $2,200 resistance, it could start a fresh decline. Initial support on the downside is near $2,000.
The next major support is near $1,870. A close below $1,870 could restart the downtrend. In the aforementioned scenario, the price could drop towards the $1,700 level. In the short term, the next major support levels could be around $1,620 and $1,600.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,870
Major Resistance – $2,200