Ethereum price recovered all losses and climbed above $2,050. ETH outperformed Bitcoin and might aim for more gains above the $2,120 resistance.
- Ethereum remained strong above $1,930 and started a fresh increase above $2,000.
- The price is trading above $2,020 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is up over 5% and the bulls could aim for more upsides above $2,100.
Ethereum Price Turns Green
Ethereum price remained well-bid above the $1,930 support after a steady decline post report of Binance settlement. ETH formed a base and started a strong increase above the $2,000 resistance.
There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD. The pair gained strength and climbed above the $2,020 resistance. It gained over 5% and outperformed Bitcoin. Finally, it tested the $2,100 zone.
Another Downside Correction in ETH?
If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The next key support is $2,000 or the 50% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.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 – $2,000 Major Resistance Level – $2,120