Ethereum Price has launched a recovery wave beyond the $1,880 zone. ETH is currently facing hurdles consolidated near $2,020 resistance.
- Ethereum has launched a recovery wave above the $1,920 level.
- The price is a simple moving average of less than $1,950 and a 100-hour trade.
- ETH/USD’s hourly chart (data feed via Kraken) forms a short-term ascent channel with $1,980 support.
- The pair must complete resistance levels of $2,020 and $2,040 and start a decent increase.
Ethereum prices face resistance
Ethereum prices formed a base above the $1,820 level, and began a recovery wave like Bitcoin. ETH was able to clear resistance levels of $1,880 and $1,920.
The Bulls pushed the price over $1,950. There was a 50% FIB retracement level of downward waves from a swing of $2,068 to a low of $1,936. However, the bear appears to be operating near the $2,020 resistance zone.
Ethereum prices are currently below $1,950, trading a simple 100-hour moving average. It also forms a short-term ascent channel with $1,980 support on the ETH/USD hourly wage chart.
The advantage is that the price appears to be facing a hurdle close to the $2,020 level. The next important resistance is from a $2,068 Swing High to a $1,936 low, close to the $2,040 level or 76.4% FIB retracement level for the downward wave.
The first major resistance is close to the $2,040 level. A clear move above the $2,040 resistance could direct the price towards a $2,120 resistance. An upward break above the $2,120 resistance could require more profits in future sessions. If specified, ether could rise towards a $2,150 resistance zone, or even $2,250.
Another drop in ETH?
If Ethereum fails to clear the $2,040 resistance, it could start another reduction. The initial support for the downside is close to the $1,980 level. The first major support is near the $1,950 zone.
A clear move below $1,950 support could push the price up to $1,880 support. Any further losses could send prices towards a support level of $1,850 in the short term. The following key support is $1,800:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,880
Major Resistance Levels – $2,040
