Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artículo también está disponible en español.
Ethereum price started a recovery wave above the $1,880 zone. ETH is now consolidating and facing hurdles near the $2,020 resistance.
- Ethereum started a recovery wave above the $1,920 level.
- The price is trading below $1,950 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $2,020 and $2,040 resistance levels to start a decent increase.
Ethereum Price Faces Resistance
Ethereum price formed a base above the $1,820 level and started a recovery wave, like Bitcoin. ETH was able to clear the $1,880 and $1,920 resistance levels.
The bulls pushed the price above the $1,950 level. There was a move above the 50% Fib retracement level of the downward wave from the $2,068 swing high to the $1,936 low. However, the bears seem to be active near the $2,020 resistance zone.
Ethereum price is now trading below $1,950 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $1,980 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,020 level. The next key resistance is near the $2,040 level or the 76.4% Fib retracement level of the downward wave from the $2,068 swing high to the $1,936 low.
The first major resistance is near the $2,040 level. A clear move above the $2,040 resistance might send the price toward the $2,120 resistance. An upside break above the $2,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,150 resistance zone or even $2,250 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,040 resistance, it could start another decline. Initial support on the downside is near the $1,980 level. The first major support sits near the $1,950 zone.
A clear move below the $1,950 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,850 support level in the near term. The next key support sits at $1,800.
Technical Indicators
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 – $1,880
Major Resistance Level – $2,040
Credit: Source link