Ethereum Price Recovery Picks Up, Is a Breakout Now Brewing?

The first key resistance is near the $2,150 level or the 76.4% Fib retracement level of the downward move from the $2,198 swing high to the $1,936 low. The next major resistance is near the $2,200 level. A clear move above the $2,200 resistance might send the price toward the $2,250 resistance. An upside break above the $2,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The first major support sits near the $2,020 zone.

A clear move below the $2,020 support might push the price toward the $1,980 support. Any more losses might send the price toward the $1,950 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 – $2,050

Major Resistance Level – $2,150

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