Ethereum has extended its decline and tested $1,920 against the US Dollar. ETH continues to rise and may revisit the $2,085 key resistance zone.
- Ethereum held steady above the $1,920 key support zone.
- Today, the price traded above $2,000 as well as the simple 100-hour moving average.
- On the hourly chart of Ethereum/USD, there was a breakout above a significant bearish trend line. Resistance near $1980 was seen (data feed via Kraken).
- Although the pair may rise, $2,085 is a significant hurdle.
Ethereum Price Recovery Above $2K
Ethereum’s decline continued after the break of the $1,950 and the 100-hourly simple moving average. But, bulls maintained a solid stand at or near $1,920.
Near $1,911, a low was reached and prices began to recover. The price moved above the $1950 and $1960 resistance levels. Ether prices rose above 50% Fib resistance level, which is the lower end of the move from $1,83 swing high, to $1,911 bottom.
A break was also seen above the major bearish trendline with resistance at $1,980, on an hourly chart for ETH/USD. Ether is trading at above $2,000 as the simple moving Average 100 hours.
Now, the price faces resistance at $2,020. The price is now near the 61.8% Fib Retracement level for the downward movement from $2,083 high to $1,911 lowest. Near the $2,040 mark is the next significant resistance. Now, the resistance lies near $2,085. The doors to a steady rise could be opened if the level is breached above $2,085
Source: TradingView.com, ETHUSD
If the above is true, the price of ether could rise to the $2,200 level. Any additional gains might push the price towards $2,250 resistance.
Is there a new decline in ETH?
The $2,400 resistance could be broken and ethereum may begin to decline again. Initial support for the downside lies near the $1.995 zone and 100 hourly SMA.
Next major support will be near $1,970. The main support of $1,920 might need to be tested again if there is a downside breakout below this level. If there is more loss, it could lead to a steep decline towards $1,800.
Technical indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,970
Major Resistance Level – $2,085
