Ethereum price started a fresh increase above $2,120. $ETH is now correcting gains from $2,200 and might decline further below $2,100.
- Ethereum started a downside correction from the $2,200 zone.
- The price is trading above $2,080 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2,020 on the hourly chart of $ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,180 zone.
Ethereum Price Rallies Over 8%
Ethereum price started a fresh increase above the $2,050 resistance, like Bitcoin. $ETH price rallied above the $2,080 and $2,120 resistance levels.
The bulls even pumped the price above $2,150. A high was formed at $2,200 before there was a downside correction. The price dipped below $2,150 and the 23.6% Fib retracement level of the upward move from the $1,929 swing low to the $2,200 high.
Ethereum price is now trading above $2,080 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,020 on the hourly chart of $ETH/USD.
If the bulls remain in action above $2,020, the price could attempt another increase. Immediate resistance is seen near the $2,150 level. The first key resistance is near the $2,180 level. The next major resistance is near the $2,200 level. A clear move above the $2,200 resistance might send the price toward the $2,250 resistance. An upside break above the $2,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.
Downside Correction In $ETH?
If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,080 level. The first major support sits near the $2,065 zone or the 50% Fib retracement level of the upward move from the $1,929 swing low to the $2,200 high.
A clear move below the $2,065 support might push the price toward the $2,020 support. Any more losses might send the price toward the $1,980 region. The main support could be $1,920.
Technical Indicators
Hourly MACD – The MACD for $ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for $ETH/USD is now above the 50 zone.
Major Support Level – $2,065
Major Resistance Level – $2,180
