Ethereum extended decline and tested the $1,920 support against the US Dollar. ETH is rising and might revisit the key $2,085 resistance zone.

  • Ethereum remained stable above the key $1,920 support zone.
  • The price is now trading above $2,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further, but the $2,085 zone presents a major hurdle.

Ethereum Price Recovers Above $2K

Ethereum extended decline after it broke the $1,950 support and the 100 hourly simple moving average. However, the bulls took a strong stand near the $1,920 support.

A low was formed near $1,911 and the price started a recovery wave. There was a clear move above the $1,950 and $1,960 resistance levels. Ether price climbed above the 50% Fib retracement level of the downward move from the $2,083 swing high to $1,911 low.

Besides, there was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD. Ether price is now trading above $2,000 and the 100 hourly simple moving average.

The price is now facing resistance near the $2,020 level. It is near the 61.8% Fib retracement level of the downward move from the $2,083 swing high to $1,911 low. The next major resistance is near the $2,040 level. The main resistance is now forming near the $2,085 level. A close above the $2,085 level could open the doors for a steady increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, ether price could rally towards the…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed