Ethereum price started to recover after breaking below the $2,000 mark. ETH climbed above the $2,200 and $2,250 resistance levels, just like Bitcoin broke above $65,000.
The 50% Fibonacci retracement level of the downside swing from the $2,920 swing high to $1,910 swing low has risen. Moreover, there is a connecting bullish trend line forming with support at $2,440 on the hourly chart of ETH/USD. However, the bears are active near the $2,540 and $2,550 levels.
Key Levels:
Support: The main support is at $2,440, which is supported by a bullish trend line.
Resistance: The main resistance levels are at $2,540 and $2,550, above which further gains are possible.
Ethereum price is still below $2,650 and the 100 hourly simple moving average. On the upside, the price faces resistance near $2,540 and the 61.8% Fibonacci retracement level of the downtrend from the $2,920 high to $1,910 low.
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The first major resistance is near the $2,680 level and the 100 hourly simple moving average. The next major resistance is near the $2,720 level. A close above $2,720 could push Ether towards the $2,860 resistance level. The next key resistance is near the $2,920 level. A break above the $2,920 resistance level could push the price towards the $3,000 resistance level in the near term.
If Ethereum fails to clear the $2,540 resistance level, it could decline again. An initial support on the downside is near the $2,440 level and the trendline area. The first major support is near the $2,365 area.
A break below the $2,365 support could push the price towards $2,250. If the price declines further, it could drop to the $2,120 support in the near term. The next key support is at $2,050.
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 – $2,365,
Major Resistance – $2,540.
