Ethereum price is recovering losses from the $2,120 support. ETH is up over 3% and the price could gain pace if it clears the $2,250 resistance.
- Ethereum is moving higher from the $2,120 support zone.
- The price is trading above $2,200 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could climb further higher if it clears the $2,250 resistance zone.
Ethereum Price Restarts Increase
Ethereum price extended its decline below the $2,150 level. ETH remained strong above the $2,120 level. A low was formed near $2,116 and the price started a fresh increase, like Bitcoin.
There was a move above the $2,150 and $2,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $2,332 swing high to the $2,116 low. There was also a break above a key bearish trend line with resistance near $2,210 on the hourly chart of ETH/USD.
Another Decline in ETH?
If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,210 level or the 100 hourly SMA. The first key support could be the $2,200 zone. A downside break and a close below $2,200 might start another major decline. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,000 level in the coming days.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 level.
Major Support Level – $2,200 Major Resistance Level – $2,250