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TA: Ethereum Nears Breakout Zone, Why ETH Might Start Recovery

Ethereum started an upside correction from $2,200 against the US Dollar. ETH might gain bullish momentum if it clears the $2,400 resistance zone. Ethereum started an upside correction above $2,300 and $2,320. The price is still trading below $2,400 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,385 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady recovery wave if there is a close above $2,400 and $2,450. Ethereum Price Faces Breakout Resistance Ethereum extended its decline below the $2,400 level. ETH even traded below the $2,300 before the bulls appeared near the $2,200 support zone. The price started a recovery wave above the $2,300 and $2,320 levels. The bulls pumped the price above $2,400, but they failed near $2,450. Recently, there was a fresh decline to $2,250. A low is formed near $2,263 and the price is now rising. There was a break above the $2,320 level. Ether price is trading above the 50% Fib retracement level of the recent decline from the $2,455 swing high to $2,263 low. However, it is still trading below $2,400 and the 100 hourly simple moving average. On the upside, an initial resistance is seen near the $2,385 level. There is also a key bearish trend line forming with resistance near $2,385 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The first major resistance is near the $2,400 level. The main resistance is now forming near the $2,455 level. A close above the $2,455 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,550 resistance. More Losses in ETH? If ethereum fails to recover above the $2,455 resistance, it could continue to move down. An initial support on the downside is near the $2,300 zone. The next major support is near the $2,260 level. The main breakdown support now sits near the $2,225 level. If there is a downside break below $2,225 and the $2,200 zone, ether price extend losses. In the stated case, it might even visit the $2,000 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone. Hourly RSI – The RSI for ETH/USD is just above the 50 level. Major Support Level – $2,260 Major Resistance Level – $2,455
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