Ethereum Price Consolidates Below $2,020 Resistance After Recovery

Ethereum is experiencing a recovery wave, trading above $1,880 but facing resistance near $2,020.

Recovery began above $1,920.
Currently trading below $1,950 and the 100-hourly Simple Moving Average.
A rising channel forming with support at $1,980 on the hourly chart.
Key resistance levels are at $2,020 and $2,040 for further increases.

Market Overview

Ethereum has established a base above $1,820 and cleared resistances of $1,880 and $1,920. However, it struggles near the $2,020 resistance zone.

The price is currently below $1,950 and the 100-hourly Simple Moving Average. A short-term rising channel indicates support at $1,980.

If Ethereum surpasses $2,040, it may target $2,120 and potentially $2,250. Conversely, failure to break this resistance could lead to declines.

Potential Decline

If unable to clear $2,040, initial support is at $1,980, followed by $1,950. A drop below $1,950 could drive prices towards $1,880 and possibly $1,800.

Technical Indicators

Hourly MACD is gaining bullish momentum. Hourly RSI is above the 50 mark.

Major Support Level: $1,880

Major Resistance Level: $2,040