The Ethereum price rose above $2,150 before facing sellers. ETH is now correcting gains and could find bids near the $2,080 zone.
- Ethereum started a decent upward move above the $2,120 zone.
- The price is trading above $2,100 and the 100-hourly Simple Moving Average.
- There was a break below an ascending channel with support at $2,140 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $2,080 resistance.
Ethereum price aims higher
The price of Ethereum remained stable above $2,050 and started a significant upward move, just like Bitcoin. ETH price climbed above the USD 2,080 and USD 2,120 resistance levels.
The bulls pumped the price above $2,150. A high was formed at $2,174 before the price started a downward correction. There was a move below the 38.2% Fib retracement level of the upward move from the $2,021 swing low to the $2,174 high.
Additionally, there was a break below a rising channel with support at $2,140 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,080 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,080, the price could rise again.
Immediate resistance is seen around the $2,120 level. The first major resistance is around the $2,140 level. The next major resistance is around the $2,175 level. A clear move above the USD 2,175 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 2,350 or even USD 2,380 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,140 resistance, it could trigger another decline. The initial downside support is near the $2,080 level or the 61.8% Fib retracement level of the upward move from the $2,021 swing low to the $2,174 high. The first major support is near the $2,065 zone.
A clear move below the USD 2,065 support could push the price towards the USD 2,020 support. Any further losses could send the price towards $1,980. The key support could be at $1,965.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $2,065
Major resistance level – $2,140