TA: Ethereum Breaks $2K, Here's What Caused a Good Recovery

Ethereum continued its decline and even broke the $2,000 support against the US Dollar. ETH price is now recovering and it could correct higher towards USD 2,150. Ethereum extended its decline below the $2,050 and $2,000 support levels. The price is currently trading well below $2,200 and the 100 hourly simple moving average. There was a pause above a short term bearish channel with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could recover above the USD 2,000 level, but the bears could protect the USD 2,200 zone. Ethereum Price Turns Red Ethereum is stuck 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 into the 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 managed to climb above the $1,920 and $1,950 levels. There was a clear break above the 23.6% Fib retracement level from the $2,283 low to $1,847 high. Additionally, there was a break above a short term bearish channel with resistance near $1,950 on the hourly chart of ETH/USD. The pair is currently showing some positive signs above USD 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 is close to the 50% Fib retracement level of the recent decline from the $2,283 low to $1,847 low on TradingView.com. The main resistance is now forming near the $2,150 level and the 100 hourly simple moving average. Losing more in ETH? If Ethereum fails to clear the USD 2,065 and USD 2,150 resistance levels, it could continue to decline. An initial support on the downside is near the $1,920 level. The main discomfort support is currently forming near the $1,850 level. A Bearish Break Below Recent Lows and $1,850 Support

Join the Discussion

  • BrokerEUR/USD
    ETX Capital 0.6pips (variable) margin: 3.33%
    InterTrader 0.6pips (fixed) margin: 3.33%
  • Back to top