Ethereum price is attempting a recovery wave from the $2,400 zone. ETH must clear $2,550 to continue higher in the near term.
- Ethereum started a decent recovery wave above the $2,450 level.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2,485 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above $2,500 to start another increase in the near term.
Ethereum Price Starts Recovery
Ethereum price extended losses below the $2,500 level. ETH even tested the $2,400 support before the bulls appeared. The price started a recovery wave above the $2,450 level like Bitcoin.
There was a move above the $2,480 and $2,500 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $2,595 swing high to the $2,400 low. Besides, there was a break above a connecting bearish trend line with resistance at $2,485 on the hourly chart of ETH/USD.Another Decline In ETH?
If Ethereum fails to clear the $2,550 resistance, it could start another decline. Initial support on the downside is near $2,495. The first major support sits near the $2,450 zone.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 – $2,450 Major Resistance Level – $2,550