Ethereum Price Aims Higher—Can Bulls Push Past Key Resistance?
Ethereum prices started a wave of recovery from the $2,000 support zone. ETH is now rising and may aim to exceed the $2,350 resistance zone.
- Ethereum started a new upward move above the $2,220 support zone.
- Price is above $2,220, while the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s data feed), there is a key upward channel forming, supporting $2,200.
- Two people have to clear the $2,275 and $2,350 resistance levels to start a nice growth.
Ethereum prices make a comeback
Ethereum prices start below the following areas below $2,350, e.g. Bitcoin. ETH received bearish momentum below the support levels of $2,220 and $2,250.
The low price is $2,003 and the current price is trying to recover the wave. Move the resistance level above $2,150 and $2,200. It even tested the 50% FIB retracement level from the $2,550 swing high to the $2,003 low.
Ethereum price is now trading at over $2,200, 100 hours simple moving average. There is also a key upward channel on the hourly chart of ETH/USD, supporting $2200. On the plus side, the price seems to be facing a $2,275 hurdle.
The first major resistance is close to the $2,340 level and 61.8% FIB recovery level, from a swing high of $2,550 to a $2,003 low. A noticeable move above $2,340 resistors could shift the price to $2,420 resistors.
A rise in resistors above $2,420 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,500 resistance zone or even $2,550 in the short term.
Is there another game?
If Ethereum fails to clear the $2,275 resistance, it may drop again. The initial support for disadvantages is close to the $2,240 level. The first major support is located near the $2,220 area.
A clear move to support below $2,130 could push the price toward support of $2,080. In the short term, more losses could shift the price to the support level of $2,050. The next key supports $2,000.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in bullish regions.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $2,220
Main resistance level – $2,275
