Ethereum price started a downward correction from $2,120. $ETH For further upside, the price needs to clear the $2,110 and $2,120 resistance levels.
- Ethereum has started a downward correction below the $2,110 zone.
- The price is trading below the 100-hour simple moving average at $2,095.
- On the hourly chart, the price has broken below the bullish trend line with support at $2,105. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,120 zone, the decline could continue.
Ethereum price falls below support
Ethereum price, like Bitcoin, failed to break above the $2,120 zone, extending the decline. $ETH Prices rose at a pace below the $2,110 and $2,100 levels.
The bears pushed the price below the 38.2% Fib retracement level of the bull market from the swing low of $2,000 to the high of $2,148. Additionally, the price broke below the bullish trend line with support at $2,105 on the hourly chart. $ETH/USD.
However, the bulls were active around the $2,080 level. Ethereum price is currently trading below $2,100 and its 100 hourly simple moving average. If the bulls sustain the action above $2,075, the price could try to move higher.
Immediate resistance appears to be near $2,110. The first major resistance level is near the $2,120 level. The next major resistance level is near the $2,150 level. A clear break above the $2,150 resistance could send the price heading towards the $2,220 resistance. A break above the $2,220 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,250 resistance zone and even $2,320 in the short term.
Lower price continues in $ETH?
If Ethereum fails to break through the $2,120 resistance level, a fresh decline could begin. The first support on the downside 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 $2,000 swing low to $2,148 high.
A clear move below the $2,060 support could push the price towards the $2,020 support. Any further losses could send the price towards the $2,000 area. The main support could be at $1,940.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,060
High resistance level – $2,150
