Ethereum Reclaims $2K, Why Upsides Could Be Limited Above $2.2K


Ethereum found support near $1,700 against the US Dollar. ETH started a recovery wave and climbed above the key $2000 resistance area.

  • Ethereum started a good recovery wave above the $1900 and $2000 levels.
  • The price is still trading below $2150 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $2000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate higher if it crosses $2,150 and $2,200 in the near term.

Ethereum price breaks 2 thousand dollars

Ethereum losses extended below $2000 support zone key. ETH even broke through the $1800 level before the bulls took a stand near the $1700 level.

A bottom was formed near $1700 and the price started a new increase. There was a clear move above the $1800 and $1900 resistance levels. Besides, there was a break above the major downtrend line with resistance near $2000 on the hourly chart of ETH/USD.

Ether price is now trading above the 50% Fib retracement level of the major decline from the $2,450 swing high to $1,700. However, it is still trading at less than $2,150 and 100-hour simple moving average.

The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,200 level. It is close to the 61.8% Fib retracement level of the major decline from the $2,450 to $1,700 swing high. A close above the $2200 level may open the door for a decent increase.

Ethereum price

Source: ETHUSD on TradingView.com

In the mentioned case, the price of Ether may rise towards the $2,400 resistance. Intermediate resistance might be near the $2,350 level.

New Drop in ETH?

If Ethereum fails to recover above the $2,200 resistance, it may start a new decline. There is initial support on the downside near the $2000 region.

The next major support is near the $1,870 level. A close below $1,870 may restart the downtrend. In the mentioned case, the price could regress towards the $1700 level. The next major support might be near the $1,620 and $1,600 levels in the near term.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Key Support Level – $1,870

Key Resistance Level – $2200



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