Ethereum Price Pushes Higher as Bulls Fuel Market | Crypto News
Ethereum price began a recovery wave above the $2,050 zone. ETH is now exhibiting optimistic indicators and may intention for more positive aspects above $2,150.
- Ethereum began a recovery wave above the $2,050 zone.
- The price is trading above $2,050 and the 100-hourly Simple Moving Average.
- There was a break above a declining channel with resistance at $2,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may start a contemporary decline if it stays below the $2,150 zone.
Ethereum Price Clears Resistance
Ethereum price prolonged its recovery wave after it cleared the $1,980 zone, like Bitcoin. ETH price was ready to clear the $2,020 resistance zone.
The bulls pushed the price above the 61.8% Fib retracement degree of the downward transfer from the $2,200 swing high to the $1,912 low. Besides, there was a break above a declining channel with resistance at $2,080 on the hourly chart of ETH/USD.
Finally, the price examined the 76.4% Fib retracement degree of the downward transfer from the $2,200 swing high to the $1,912 low. Ethereum price is now trading above $2,080 and the 100-hourly Simple Moving Average.
If the bulls stay in motion above $2,050, the price may attempt another increase. Immediate resistance is seen close to the $2,135 degree. The first key resistance is close to the $2,150 degree. The next major resistance is close to the $2,220 degree. A clear transfer above the $2,220 resistance may ship the price toward the $2,250 resistance. An upside break above the $2,250 area may call for more positive aspects in the approaching days. In the said case, Ether may rise toward the $2,320 resistance zone or even $2,340 in the close to time period.
Another Decline In ETH?
If Ethereum fails to clear the $2,135 resistance, it may start a contemporary decline. Initial help on the draw back is close to the $2,080 degree. The first major help sits close to the $2,050 zone.
A clear transfer below the $2,050 help may push the price toward the $2,000 help. Any more losses may ship the price toward the $1,950 area. The main help could possibly be $1,920.
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 – $2,050
Major Resistance Level – $2,150
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