Ethereum price started a downward correction from $2,150. $ETH For further upside, the price needs to clear the $2,120 and $2,150 resistance levels.
- Ethereum has started a downward correction below the $2,125 zone.
- The price is trading above $2,100 and the 100 hourly simple moving average.
- On the hourly chart of , there is a bearish trend line forming resistance at $2,110. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,150 zone, the decline could continue.
Ethereum price maintains support
Ethereum price, like Bitcoin, failed to break above the $2,145 zone, extending the decline. $ETH Prices rose at a pace below the $2,120 and $2,110 levels.
The bears pushed the price below the 38.2% Fib retracement level of the swing low of $2,001 to the high of $2,147. However, the bulls were active around the $2,065 level. Additionally, there is a bearish trendline forming resistance at $2,110 on the hourly chart. $ETH/USD.
Ethereum price is currently trading above $2,100 and its 100-hour simple moving average. If the bulls sustain the action above $2,065, the price could try to move higher. Immediate resistance appears to be near $2,110. The first major resistance level is near the $2,140 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.
further decline $ETH?
If Ethereum fails to break through the $2,110 resistance level, a fresh decline could begin. The first support on the downside is near the $2,075 level. The first major support is located near the $2,055 zone, or the 61.8% fib retracement level of the swing low of $2,001 to the high of $2,147.
A clear move below the $2,055 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 bullish zone.
hourly RSI – RSI $ETH/USD is currently above the 50 zone.
Major Support Level – $2,055
High resistance level – $2,150
