Ethereum Breaks $2K, Here’s What Could Spark A Decent Recovery

Ethereum extended its decline and it even broke the $2,000 support against the US Dollar. ETH price is now recovering and it might correct higher towards $2,150.

Ethereum extended its decline below the $2,050 and $2,000 support levels.
The price is now trading well below $2,200 and the 100 hourly simple moving average.
There was a break above a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover above the $2,000 level, but the bears might protect the $2,200 zone.

Ethereum Price Turns Red
Ethereum remained in a bearish zone below the $2,300 level, similar to bitcoin. ETH even traded below the $2,200 and $2,100 support levels to move further into a bearish zone.
There was also a break below the $2,000 support zone and a close below the 100 hourly simple moving average. A low was formed near $1,847 and the price is now recovering higher. Ether price was able to climb above the $1,920 and $1,950 levels.
There was a clear break above the 23.6% Fib retracement level of the of the recent decline from the $2,283 high to $1,847 low. Moreover, there was a break above a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD.
The pair is now showing a few positive signs above $1,950. An immediate resistance on the upside is near the $2,000 level. The first major resistance on the upside is near the $2,065 level.

Source: ETHUSD on TradingView.com
It is close to the 50% Fib retracement level of the of the recent decline from the $2,283 high to $1,847 low. The main resistance is now forming near the $2,150 level and the 100 hourly simple moving average.
More Losses in ETH?
If Ethereum fails to clear the $2,065 and $2,150 resistance levels, it could continue to move down. An initial support on the downside is near the $1,920 level.
The main breakdown support is now forming near the $1,850 level. A downside break below the recent low and the $1,850 support level may possibly call for more losses. In the stated case, ether price is likely to decline towards $1,720 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly recovering in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising towards the 50 level.
Major Support Level – $1,850
Major Resistance Level – $2,065

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 68,453.34
ethereum
Ethereum (ETH) $ 3,843.16
tether
Tether (USDT) $ 0.999314
bnb
BNB (BNB) $ 599.41
solana
Solana (SOL) $ 162.29
staked-ether
Lido Staked Ether (STETH) $ 3,842.26
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.527561
dogecoin
Dogecoin (DOGE) $ 0.166315
the-open-network
Toncoin (TON) $ 6.32
cardano
Cardano (ADA) $ 0.457860
avalanche-2
Avalanche (AVAX) $ 36.77
shiba-inu
Shiba Inu (SHIB) $ 0.000024
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,492.35
polkadot
Polkadot (DOT) $ 7.51
chainlink
Chainlink (LINK) $ 17.10
tron
TRON (TRX) $ 0.112969
bitcoin-cash
Bitcoin Cash (BCH) $ 483.69
uniswap
Uniswap (UNI) $ 11.26
near
NEAR Protocol (NEAR) $ 7.82
pepe
Pepe (PEPE) $ 0.000016
matic-network
Polygon (MATIC) $ 0.716266
litecoin
Litecoin (LTC) $ 83.90
internet-computer
Internet Computer (ICP) $ 12.10
fetch-ai
Fetch.ai (FET) $ 2.23
leo-token
LEO Token (LEO) $ 5.97
dai
Dai (DAI) $ 0.999216
wrapped-eeth
Wrapped eETH (WEETH) $ 3,990.55
ethereum-classic
Ethereum Classic (ETC) $ 31.98
aptos
Aptos (APT) $ 9.00
render-token
Render (RNDR) $ 9.91
hedera-hashgraph
Hedera (HBAR) $ 0.106369
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,783.20
immutable-x
Immutable (IMX) $ 2.36
mantle
Mantle (MNT) $ 1.03
kaspa
Kaspa (KAS) $ 0.139209
cosmos
Cosmos Hub (ATOM) $ 8.35
filecoin
Filecoin (FIL) $ 5.86
arbitrum
Arbitrum (ARB) $ 1.20
crypto-com-chain
Cronos (CRO) $ 0.118663
stellar
Stellar (XLM) $ 0.108545
first-digital-usd
First Digital USD (FDUSD) $ 1.00
the-graph
The Graph (GRT) $ 0.317350
dogwifcoin
dogwifhat (WIF) $ 2.95
bittensor
Bittensor (TAO) $ 430.58
okb
OKB (OKB) $ 48.46
blockstack
Stacks (STX) $ 1.97
ethena-usde
Ethena USDe (USDE) $ 1.00
optimism
Optimism (OP) $ 2.53
maker
Maker (MKR) $ 2,829.03