Ethereum Price Climbs Past $2,000, $2,200 Now in Bullish Crosshairs

Ethereum price started a recovery wave from the $1,920 zone. ETH is now back above $2,000 and might aim for more gains in the near term.

• Ethereum started a recovery wave above the $2,000 zone.
• The price is trading above $2,000 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,050 zone.

Ethereum Price Aims Higher

Ethereum price started a recovery wave after it found support near the $1,920 zone, like Bitcoin. ETH price formed a base and was able to recover above the $1,980 resistance.

There was a break above a key bearish trend line with resistance at $1,960 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low.

The bulls even pushed the price above $2,020. Ethereum price is now trading above $2,000 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase. Immediate resistance is seen near the $2,050 level.

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,090 level or the 61.8% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,150 resistance. An upside break above the $2,150 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,200 resistance zone or even $2,250 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,090 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,980 zone.

A clear move below the $1,980 support might push the price toward the $1,940 support. Any more losses might send the price toward the $1,920 region. The main support could be $1,880.

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 Level – $1,980

Major Resistance Level – $2,090