- Initial support on the downside is around the $2,040 level, and the first prominent support is $2,000.
- Further losses may send the price to the $1,750 region, and the main support at that time could be $1,720.
The price of Ethereum has now formed a base over $1,880 and initiated a recovery wave, similar to Bitcoin. ETH was exchanging hands over the $1,950 and $1,980 resistance levels. The price went over the 50% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low.
The bulls even sent the price to cross the $2,050 level. Although, they are dealing with the obstacles around the $2,120 zone. There is also a prominent bearish trend line made with resistance at $2,110 on the hourly chart of ETH/USD.
However, the price is still below $2,100 and the 100-hour simple moving average. If the bulls are in action over $2,000, the price could look for another surge. Quick resistance is witnessed around the $2,110 level and the trend line.
The Resistance and Support Levels
The first key resistance level remains at the $2,200 level with a 76.4% Fib retracement level of the downward move from the $2,340 swing high to the $1,745 low. The upcoming prominent resistance is around the $2,240 level.
A shift over the $2,240 resistance might take the price toward the $2,350 resistance. The upside break over the $2,350 area might invite more gains in the near future. In the given situation, Ether could surge toward the $2,550 resistance zone or even $2,665 in the upcoming term.
If Ethereum doesn’t clear the $2,110 resistance, it could start a new decline. Initial support on the downside is around the $2,040 level, and the first prominent support is $2,000. Any movement below this level might take the price to the $1,880 support region.
Further losses may send the price to the $1,750 region, and the main support at that time could be $1,720.
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