Ethereum Price Trends Upwards: Bulls Aim for Further Gains

Ethereum (ETH) has initiated a recovery rally above the $2,065 mark. Currently, the price is consolidating above $2,120 and could potentially make further advances if it surpasses the $2,200 resistance level.

Key Takeaways

Ethereum has started a recovery wave above the $2,125 mark.
The price is currently trading above $2,140 and is positioned above the 100-hour Simple Moving Average.
A key bearish trend line has been broken, with resistance identified at $2,145 on the ETH/USD hourly chart (data feed via Kraken).
A fresh decline could occur if the price remains under the $2,200 resistance.

Ethereum Price Trends Higher

Ethereum Price Aims for Steady Gains

Ethereum has successfully maintained levels above $2,020, beginning a recovery similar to Bitcoin. The ETH price has now surpassed the $2,065 and $2,120 resistance levels.

The price is above the 38.2% Fibonacci retracement level of the downward movement from the $2,385 peak to the $2,025 low. Additionally, it has broken a critical bearish trend line with resistance at $2,145 as shown on the ETH/USD hourly chart.

Currently, Ethereum is trading above $2,120 and the 100-hour Simple Moving Average. If buyers stay strong above $2,100, the price could aim for another increase. Immediate resistance is observed near the $2,180 level, while the primary resistance stands at the $2,200 mark or the 50% Fibonacci retracement level from the $2,385 high to the $2,025 low.

Ethereum Price Movement
Source: ETHUSD on TradingView.com

The next significant resistance lies at $2,250. A decisive movement above this level could push the price towards the $2,300 resistance. If Ethereum can break above the $2,300 barrier, we might see additional gains in the days ahead, potentially driving Ether towards the $2,345 resistance zone or even up to $2,365 in the near term.

Could Ethereum Experience Another Decline?

If Ethereum does not surpass the $2,180 resistance, it may face a decline. The immediate support on the downside is near the $2,140 level, with the first major support located around the $2,110 area.

If the price falls below the $2,110 support, it could decline towards $2,065. Further losses may lead to a drop to the $2,010 region. The key support to watch for is at the $2,000 level.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining traction in bullish territory.
Hourly RSI: The RSI for ETH/USD is currently above the 50 mark.
Major Support Level: $2,065
Major Resistance Level: $2,180

In summary, Ethereum's current upward trend showcases the potential for further gains, particularly if it breaks through key resistance levels. However, caution is warranted as a failure to maintain upward momentum could lead to a decline.