Ethereum Price Shows Signs of Recovery
The price of Ethereum is rebounding from the $1,985 level and has surpassed $2,040 along with the 100-hourly Simple Moving Average. Additionally, a key bearish trend line near $2,040 was broken.
Ethereum Price Spikes Before Support
Before the bulls made an appearance, Ethereum’s price dropped to $1,986 but has since begun a recovery. The price has risen above the $2,020 level and surpassed the 23.6% Fib retracement level.
Furthermore, a key bearish trend line near $2,040 was broken on the hourly chart.
Ethereum Faces Resistance
Currently trading above $2,040 and the 100-hourly Simple Moving Average, Ethereum’s price is encountering resistance near the $2,075 zone. This area is close to the 61.8% Fib retracement level.
If the price manages to surpass this resistance, it could potentially reach levels such as $2,130 and even $2,150.
Possible Decline in ETH
Failing to overcome the $2,075 resistance could lead to a fresh decline for Ethereum. Initial support lies around $2,045 and the 100-hourly Simple Moving Average. Falling below these levels could strengthen bearish momentum.
The key support level is currently at $2,000. A break below this level may trigger a significant bearish move with a potential target of $1,880 in the near future.
Technical Indicators
The MACD indicator for ETH/USD is losing momentum in the bullish zone. Additionally, the RSI indicator is now above the 50 level.
Hot Take: Ethereum’s Recovery Faces Resistance
Ethereum is showing signs of recovery as it surpasses key resistance levels. However, the $2,075 zone poses a challenge for further upward movement. If Ethereum fails to overcome this resistance, a decline is possible with support levels at $2,045 and $2,000. Technical indicators suggest a potential loss of bullish momentum. Traders should monitor these levels closely to gauge the future direction of Ethereum’s price.
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