ETHEREUM PRICE EYES RECOVERY
Ethereum price managed to form a support base above the $2,165 level. ETH seems to be consolidating losses near the $2,200 level and might aim for a recovery wave, like Bitcoin.
There was a minor upside correction above the $2,200 level, but the bears are still active near the $2,240 resistance zone. There is also a short-term bearish trend line forming with resistance near $2,225 on the hourly chart of ETH/USD.
Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the first major resistance is near the $2,240 level. It is close to the 23.6% Fib retracement level of the key drop from the $2,480 swing high to the $2,165 low
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The next major resistance is near the $2,280 or the 100-hourly Simple Moving Average, above which the price might rise and test the 50% Fib retracement level of the key drop from the $2,480 swing high to the $2,165 low. If the bulls push the price above the $2,320 resistance, they could aim for $2,360.
A clear move above the $2,360 level might start a decent increase. In the stated case, the price could rise toward the $2,420 level. Any more gains might send the price toward the $2,500 zone.
ANOTHER FAILURE IN ETH?
If Ethereum fails to clear the $2,240 resistance, it could start another decline. Initial support on the downside is near the $2,200 level.
The next key support could be the $2,165 zone. A daily close below the $2,165 support might start another major decline. In the stated case, Ether could test the $2,080 support. Any more losses might send the price toward the $2,000 level.#ETH #ETH-ETF