Ethereum price started a downward correction from USD 2,120. ETH needs to overcome the USD 2,110 and USD 2,120 resistance levels to continue rising.
- Ethereum started a downward correction below the $2,110 zone.
- The price is trading below $2,095 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $2,105 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,120 zone.
Ethereum price falls below support
The price of Ethereum failed to stay above the $2,120 zone and continued its decline, just like Bitcoin. ETH price rose at a pace and fell below the USD 2,110 and USD 2,100 levels.
The bears pushed the price below the 38.2% Fib retracement level of the upward move from the $2,000 swing low to the $2,148 high. Additionally, there was a break below a bullish trendline with support at $2,105 on the hourly chart of ETH/USD.
However, the bulls were active around the $2,080 level. The Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,075, the price could rise again.
Immediate resistance is seen around the $2,110 level. The first major resistance is near the $2,120 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.
Disadvantage of continuation in ETH?
If Ethereum fails to clear the USD 2,120 resistance, it could trigger another decline. The initial downside support is near the $2,075 level. The first major support is near the $2,060 zone or the 61.8% Fib retracement level of the upward move from the $2,000 swing low to the $2,148 high.
A clear move below the USD 2,060 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 bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,060
Major resistance level – $2,150