Ethereum Reclaims $2K, Why Upsides Could Be Limited Above $2.2K

Ethereum received support close to $1,700 against USD. ETH began a recovery wave, and climbed past the $2,000 key resistance zone.

  • Ethereum began a significant recovery wave higher than the $2,000 and $1,900 levels.
  • The daily simple moving average and price are still below $2150.
  • The hourly chart for ETH/USD showed a break above the major bearish trendline with resistance at $2,000 (data feed via Kraken).
  • If the pair clears $2.150 and $2.200, it could be faster.

Ethereum price breaks $2K

Ethereum lost more than the $2,000 threshold. ETH reached the $1,800 threshold before the bulls took a position near the $1.700 mark.

Near $1,700 was the low point and then the price began to rise again. The price moved clear above the $1.800 and $1.900 resistance levels. A break was also seen above the major bearish trendline with resistance close to $2,000 in the hourly chart for ETH/USD.

Now, Ether is trading at just over the 50% Fib level, which is the key point of decline between the $2,450 swing low and the $1,700 high. But, the price is below $2,150 as well as the 100 hourly simple moving mean.

Near the $2,150 mark is the first significant resistance. Now, the main resistance lies near the $2,000. The Fib Retracement Level of the Key Decline from $1,700 high to $2,450 low at 61.8% is now close by. If the level is close to $2,200 it could lead to a modest increase.

Ethereum Price

Source: TradingView.com ETHUSD

If the above is true, the price of ether could rise to the $2,400 level. A level of intermediate resistance could be as close to $2,350.

Changes in the ETH Market

It could begin a new decline if ethereum does not recover from the resistance of $2,200. The $2,000 mark is the initial support for the downside.

Near the $1,870 mark is the next support. The downtrend could be reactivated if the price falls below $1,870. The price may plunge towards $1,700 in this scenario. In the short term, the next significant support could be at the $1620 or $1,600 levels.

Technical Indicators

Minutely MACDNow, the MACD of ETH/USD has gained momentum in bullish territory.

Hourly RSIThe RSI of ETH/USD has risen to above 50.

Major Support Level – $1,870

Major Resistance Level – $2,200

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