Ethereum is recouping losses from the $2,120 support level. ETH is up more than 3%, and the price could accelerate if it breaks through the $2,250 resistance level.

  • Ethereum is rising from the $2,120 support level.
  • The price is currently trading over $2,200, as is the 100-hourly simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), there was a break over a critical negative trend line with resistance near $2,210.
  • If the pair breaks through the $2,250 resistance level, it could continue to rise.

The price of Ethereum has begun to rise again.

The price of Ethereum has continued to fall below $2,150. ETH has maintained a firm above $2,120. A low was created at about $2,116, and the price, like Bitcoin, began to rise again.

The price broke through the $2,150 and $2,200 resistance levels. The price rose beyond the 50% Fib retracement level of the bearish move from the swing high of $2,332 to the low of $2,116.

On the hourly chart of ETH/USD, there was also a breach over a significant negative trend line with resistance near $2,210.

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ETHUSD
ETHUSD price chart (source: TradingView)

The price of Ethereum has risen above $2,200 and the 100-hourly Simple Moving Average. On the upside, the price is encountering resistance near $2,250. It is near the 61.8% Fib retracement level of the decline from the swing high of $2,332 to the low of $2,116.

Ethereum Cost

The next significant resistance is located near $2,280. A decisive break above the $2,280 level might take the price up to the $2,330 mark.

The next level of resistance is $2,400. Any additional gains might set off a wave toward the $2,550 barrier, over which Ethereum could rally and test the $2,750 zone.

Another drop in ETH?

If Ethereum fails to break through the $2,250 resistance level, it may fall further. On the downside, initial support is near the $2,210 level, or the 100 hourly SMA.

The first critical support level might be around $2,200. A negative breach and closure below $2,200 could signal the start of another big fall. In the aforementioned scenario,

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