Ethereum price started a new increase above $2,120. ETH is now correcting the $2,200 gain and could fall further below $2,100.
- Ethereum started a downward correction from the $2,200 zone.
- The price is trading above USD 2,080 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,180 zone.
Ethereum Price Rises Over 8%
Ethereum price, like Bitcoin, started to rise again above the USD 2,050 resistance. ETH price rose above the USD 2,080 and USD 2,120 resistance levels.
The bulls even pumped the price above $2,150. A high was formed at $2,200 before a downward correction occurred. The price fell below the $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 major bullish trendline forming with support at $2,020 on the hourly chart of ETH/USD.
If the bulls continue in action above $2,020, the price may attempt to rise again. Immediate resistance is seen around the $2,150 level. The first major resistance is near the $2,180 level. The next major resistance is around the $2,200 level. A clear move above the USD 2,200 resistance could send the price towards the USD 2,250 resistance. An upside break above the $2,250 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,320 or even USD 2,350 resistance zone in the short term.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 2,150 resistance, it could trigger another decline. The initial downside support is near the $2,080 level. The first major support is 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 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 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 above the 50 zone.
Major support level – $2,065
Major resistance level – $2,180