Ethereum Price Encounters Fresh Resistance, Bulls Lose Some Momentum

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a recovery wave above the $2,110 zone. ETH is now consolidating and might struggle to continue higher above the $2,150 resistance. - Ethereum started a recovery wave above the $2,120 zone. - The price is trading below $2,140 and the 100-hourly Simple Moving Average. - There was a break above a bearish trend line with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken). - The pair could start a fresh decline if it stays below the $2,150 zone. Ethereum Price Eyes Recovery Ethereum price remained bid above the $2,065 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the $2,080 resistance. The price surpassed the 50% Fib retracement level of the downward move from the $2,198 swing high to the $2,075 swing low. Besides, there was a break above a bearish trend line with resistance at $2,110 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,150 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,100, the price could attempt another increase. Immediate resistance is seen near the $2,140 level. The first key resistance is near the $2,150 level or the 61.8% Fib retracement level of the downward move from the $2,198 swing high to the $2,075 swing low. The next major resistance is near the $2,175 level. A clear move above the $2,175 resistance might send the price toward the $2,200 resistance. An upside break above the $2,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,265 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level. The first major support sits near the $2,080 zone. A clear move below the $2,080 support might push the price toward the $2,020 support. Any more losses might send the price toward the $2,000 region. The main support could be $1,940. 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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