Ethereum (ETH) broke above a key bearish trend line at $2,145 on the hourly chart and is now consolidating above $2,120 as bulls attempt to push toward the $2,200 resistance level following a recovery from lows near $2,025.
ETH Recovery Details
The move higher began after ETH held support above $2,020, with the price climbing through the $2,065 and $2,120 resistance levels on the ETH/USD pair. The recovery also cleared the 38.2% Fibonacci retracement of the decline from the $2,385 swing high to the $2,025 low.
ETH is trading above the 100-hourly Simple Moving Average. Immediate resistance sits at $2,180, with the more significant barrier at $2,200, which aligns with the 50% Fibonacci retracement of that same downward move.
Beyond $2,200, resistance levels line up at $2,250 and $2,300, with a break above $2,300 potentially opening a path toward $2,345 or $2,365.
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Downside Risk Levels
A failure to clear $2,180 could trigger a fresh decline. Support on the downside begins at $2,140, followed by $2,110.
A break below $2,110 would expose the $2,065 level, with further losses potentially dragging the price toward $2,010 or the $2,000 mark. The hourly MACD is gaining momentum in bullish territory, and the RSI sits above the 50 zone.
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