Ethereum dived towards the 0 support against the US Dollar. ETH is recovering and eyeing an upside break above the ,150 resistance zone.
- Ethereum started a decent recovery wave from the 0 support zone.
- The price is now trading above ,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near 0 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if it clears the key ,150 resistance zone.
Ethereum Price Faces Hurdles
Ethereum remained in a bearish zone below the ,050 level. ETH extended losses and traded below the ,000 support. There was a sharp decline below the 0 level.
The price tested the 0 support before the bulls appeared. A low was formed near 0 and the price started a decent increase. There was a move above the 0 and 0 resistance levels. Ether cleared the 50% Fib retracement level of the downward move from the ,256 swing high to 0 low.
Besides, there was a break above a major bearish trend line with resistance near 0 on the hourly chart of ETH/USD. The pair even climbed above the ,100 level.
However, the bears appeared near the ,150 resistance. Ether failed to clear the 76.4% Fib retracement level of the downward move from the ,256 swing high to 0 low. The price is now consolidating near the ,080 level and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
An immediate resistance is near the ,100 level. The next major resistance is near the ,150 zone. A clear move above the ,150 resistance zone may perhaps start a decent upward move. The next major resistance is near the ,255 level. Any more gains could start a move towards the ,320 resistance.
Fresh Decline in ETH?
If ethereum fails to rise above the ,150 resistance, it could start a fresh decline. An initial support on the downside is near the ,040 zone.
The next major support is near the ,000 zone. A clear move and break below the ,000 zone could start a major decline. In the stated case, the price could revisit the 0 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,000
Major Resistance Level – ,150