Ethereum Price Eyes Breakout Move, Traders Watch Key Resistance Closely

TL;DR

Ethereum price is recovering above $2,120 but faces resistance at $2,150. A breakout above this level could lead to further gains.

Key points

Ethereum price started a recovery wave above $2,120
Price is trading below $2,150 and the 100-hourly SMA
A contracting triangle is forming with resistance at $2,150

Ethereum price started a recovery wave above the $2,120 zone. ETH is now consolidating and might rally if there is a clear move above the $2,150 resistance.

Ethereum started a recovery wave above the $2,125 zone.
The price is trading below $2,150 and the 100-hourly Simple Moving Average.
There is a contracting triangle forming with resistance at $2,150 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $2,150 zone.

Ethereum Price Aims for Upside Break

Ethereum price remained bid above the $2,080 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the $2,100 resistance.

The price surpassed the 50% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low. However, the bears are active near $2,150. There is also a contracting triangle forming with resistance at $2,150 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,140 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,110, the price could attempt another increase. Immediate resistance is seen near the $2,140 level. The first key resistance is near the $2,150 level or the 61.8% Fib retracement level of the downward move from the $2,197 swing high to the $2,075 swing low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,176 level. A clear move above the $2,176 resistance might send the price toward the $2,220 resistance. An upside break above the $2,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,265 resistance zone or even $2,320 in the near term.