Ethereum Price Stuck in Slow Gear: Will a Breakout Come Soon?
Ethereum prices have begun a wave of recovery above the $2,650 region. ETH is now working to clear the resistance levels of $2,880 and $2,920.
- Ethereum started a nice upward move above the $2,620 area.
- Prices trade below $2,750 and the 100-hour simple moving average.
- Below the key bullish trend line is a breakout, with support of $2,800 on the hourly chart of ETH/USD (via Kraken’s data feed).
- If the two stay below the $2,800 level, a new decline may begin.
Ethereum price recovery may disappear soon
Ethereum prices start to recover above the wave of $2,550, e.g. Bitcoin. ETH is able to exceed resistance levels of $2,600 and $2,620 to enter the short-term positive zone.
Prices are able to exceed the 50% FIB retracement level of the downward wave, from a swing of $3,400 to a swing of $2,120. However, these bears appear to be active at resistance levels of $2,880 and $2,920. Prices are lowered again.
Below the key bullish trend line is a breakout, with support of $2,800 in the hourly table of ETH/USD. Ethereum prices are now trading for less than $2,800, 100 hours simple moving average.
On the plus side, the price seems to be facing a $2,770 barrier and a 100-hour simple moving average. The first major resistance is close to the $2,800 level. Now, the formation of the main resistor is close to $2,920 or 61.8% FIB retracement level of downward waves is from a swing high of $3,400 to a swing low of $2,120. A clear action on resistors over $2,920 could shift the price to a resistor at $3,000.
An upside breakout for resistors over $3,000 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $3,050 resistance zone or even $3,120 in the short term.
More losses from ETH?
If Ethereum fails to clear the $2,800 resistor, it may drop again. The initial support for the adverse aspects is close to the $2,630 level. The first major support is located near the $2,600 area.
A clear move to support below $2,600 could push the price to support at $2,500. In the short term, more losses could shift the price to the support level of $2,420. Next key supports $2,350.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in bullish areas.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,630
Main resistance level – $2,800
