Ethereum Price Consolidates Above Key Levels
- Ethereum price started a recovery wave above the $2,065 zone.
- ETH is trading above $2,140 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line at $2,145 on the hourly chart of ETH/USD.
- Immediate resistance is near the $2,180 level with major resistance at $2,200.
- Failure to clear resistance could see support levels tested at $2,140 and $2,110.
Ethereum has managed to consolidate gains above critical support levels after starting a recovery wave from below $2,065. The price’s ability to stay above the Ethereum Simple Moving Average suggests potential for further upward movement if it surpasses the immediate resistance levels.
The current trading pattern indicates that Ethereum could attempt another increase if it clears the $2,180 and $2,200 resistances effectively. However, failure to do so might push prices back towards lower support zones around $2,140 and potentially further down to $2,110 or even lower levels like $2,065 if declines persist. (Source)
