Ethereum Price Analysis

Ethereum price started a recovery wave above the $1,880 zone and is currently consolidating, facing hurdles near the $2,020 resistance.

• Ethereum initiated a recovery wave above the $1,920 level.
• The price remains below $1,950 and the 100-hourly Simple Moving Average.
• A short-term rising channel is forming, with support at $1,980 on the hourly ETH/USD chart (data from Kraken).
• The pair must overcome the $2,020 and $2,040 resistance levels to initiate a significant uptrend.

Ethereum Price Faces Resistance

Following the establishment of a base above the $1,820 level, Ethereum began a recovery wave, similar to Bitcoin. ETH successfully passed through the $1,880 and $1,920 resistance levels.

Bulls managed to push the price above $1,950, moving past the 50% Fibonacci retracement level, calculated from the downward wave from the $2,068 swing high to the $1,936 low. However, resistance near the $2,020 zone has attracted bearish activity.

Currently, Ethereum is trading below $1,950, along with the 100-hourly Simple Moving Average. The price shows signs of resistance approaching the $2,020 level, with the next significant resistance at $2,040 or the 76.4% Fibonacci retracement level.

If Ethereum breaks above the $2,040 resistance, it could potentially rise toward the $2,120 resistance. A further increase above $2,120 may lead to gains reaching the $2,150 or even $2,250 mark in the near future.

Another Drop In ETH?

Conversely, if Ethereum fails to break the $2,040 resistance, it may trigger another decline. Initial downside support is around the $1,980 level, with major support located near $1,950.

A clear break below $1,950 could push Ethereum toward the $1,880 support. Additional losses may lead prices down to the $1,850 support level, with the critical support sitting at $1,800.

Technical Indicators

• Hourly MACD: Gaining momentum in the bullish zone.
• Hourly RSI: Currently above the 50 zone.
• Major Support Level: $1,880
• Major Resistance Level: $2,040