Ethereum price started a downward correction from USD 2,150. ETH needs to overcome the USD 2,120 and USD 2,150 resistance levels to continue rising.
- Ethereum started a downward correction below the $2,125 zone.
- The price is trading above $2,100 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,150 zone.
Ethereum price holds support
The price of Ethereum failed to stay above the $2,145 zone and continued its decline, just like Bitcoin. ETH price rose at a pace and fell below the USD 2,120 and USD 2,110 levels.
The bears pushed the price below the 38.2% Fib retracement level of the upward move from the $2,001 swing low to the $2,147 high. However, the bulls were active around the $2,065 level. Additionally, a bearish trendline is forming with resistance at $2,110 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,100 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,065, the price could rise again. Immediate resistance is seen around the $2,110 level. The first major resistance is around the $2,140 level.
The next major resistance is around the $2,150 level. A clear move above the USD 2,150 resistance could send the price towards the USD 2,220 resistance. An upside break above the $2,220 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,250 or even USD 2,320 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,110 resistance, it could trigger another decline. The initial downside support is near the $2,075 level. The first major support is near the $2,055 zone or the 61.8% Fib retracement level of the upward move from the $2,001 swing low to the $2,147 high.
A clear move below the USD 2,055 support could push the price towards the USD 2,020 support. Any further losses could send the price towards $2,000. The main support could be at USD 1,940.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $2,055
Major resistance level – $2,150