Ethereum price started a recovery wave above the $2,650 zone. ETH is now struggling to clear the $2,880 and $2,920 resistance levels.
- Ethereum started a decent upward move above the $2,620 zone.
- The price is trading below $2,750 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,800 level.
Ethereum Price Recovery Could Soon Fade
Ethereum price started a recovery wave above the $2,550 level, like Bitcoin. ETH was able to surpass the $2,600 and $2,620 resistance levels to move into a short-term positive zone.
The price was able to surpass the 50% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. However, the bears seem to be active below the $2,880 and $2,920 resistance levels. The price is again moving lower.
There was a break below a key bullish trend line with support at $2,800 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,800 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $2,770 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,800 level. The main resistance is now forming near $2,920 or the 61.8% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,800 resistance, it could start another decline. Initial support on the downside is near the $2,630 level. The first major support sits near the $2,600 zone.
A clear move below the $2,600 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,630
Major Resistance Level – $2,800
