Ethereum price started to rise again and tested USD 2,200. ETH is now correcting gains and could fall further if it trades below $2,030.
- Ethereum started a downward correction below the $2,120 zone.
- The price is trading above USD 2,065 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,030 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,135 zone.
Ethereum price begins downward correction
Ethereum price, like Bitcoin, started to rise again above the USD 2,065 resistance. ETH price rose above the USD 2,120 and USD 2,150 resistance levels.
The bulls even pumped the price above $2,180. A high was formed at $2,200 before a downward correction occurred. The price fell below $2,120 and tested the 50% Fib retracement level of the upward move from the $1,929 swing low to the $2,200 high.
Ethereum price is now trading above $2,065 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $2,030 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,030, the price could rise again. Immediate resistance is seen around the $2,100 level. The first major resistance is near the $2,135 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 2,200 resistance. An upside break above the $2,200 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.
Lose more in ETH?
If Ethereum fails to clear the USD 2,135 resistance, it could trigger another decline. The initial downside support is near the $2,065 level. The first major support is near the $2,030 zone, the trendline, and the 61.8% Fib retracement level of the upward move from the $1,929 swing low to the $2,200 high.
A clear move below the USD 2,030 support could push the price towards the USD 2,000 support. Any further losses could send the price towards $1,965. The main support could be at USD 1,920.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,030
Major resistance level – $2,135