The price of Ethereum continued its recovery wave after surpassing the $2,050 zone, similar to Bitcoin. ETH was capable of clearing the $2,120 resistance level. The bulls took the price over the 76.4% Fib retracement level of the downward move from the $2,209 swing high to the $2,062 low.
Apart from this, there is a prominent bullish trend line aligning with support at $2,100 on the hourly chart of ETH/USD. Ultimately, the price crossed the $2,200 resistance zone. It tested the 1.236 Fib extension level of the downward shift from the $2,209 swing high to the $2,062 low at $2,245.
The price of Ethereum is now over $2,180 and the 100-hour simple moving average. If the bulls are still in action over $2,150, the price could try another surge. A quick resistance is witnessed around the $2,245 level. The first prominent resistance is around the $2,250 level.
The upcoming prominent resistance sits around the $2,280 level. A transparent move over the $2,280 resistance might take the price to the $2,320 resistance. An upside break over the $2,320 region may captivate more gains in the near future.
In the mentioned case, Ether could push toward the $2,365 resistance zone or around $2,380 in the near term. If Ethereum is not able to clear the $2,250 resistance, it could initiate a fresh fall.
The starting support on the downside is around the $2,200 level. The first prominent support is around the $2,180 zone. A clear move below the $2,180 support may take the price toward the $2,150 support.
Any further losses may take the price to the $2,100 region, and the main support could sit at $2,050.
Highlighted Crypto News Today:
Venus Protocol Detects $3.7M Supply Cap Attack on THE Pool
