Ethereum price extended its gains above $2,250 before beginning a downward correction. $ETH It is currently holding steady above $2,120 and could aim for another rally.
- Ethereum has started a decent rally above the $2,220 zone.
- The price is trading above $2,180 and the 100-hour simple moving average.
- On the hourly chart, a downtrend has formed with resistance at $2,225. $ETH/USD (data feed via Kraken).
- A break above the $2,140 zone could start a new rally.
Ethereum price maintains upward trend
Ethereum price stabilized above $2,165 and started a decent rise similar to Bitcoin. $ETH The price has broken above the $2,180 and $2,220 resistance levels.
The bulls pushed the price above $2,250. A high was formed at $2,273 before the price began a downward correction. The price fell below $2,220. There was a spike below the 50% Fib retracement level of the upward movement from the swing low of $2,060 to the high of $2,273.
Ethereum price is currently trading above $2,180 and its 100-hour simple moving average. If the bulls sustain the action above $2,140, the price could try to move higher.
Immediate resistance is seen near the $2,200 level. The first major resistance level is near the $2,225 level. There is also a descending channel forming resistance at $2,225 on the hourly chart. $ETH/USD. The next major resistance level is near the $2,265 level. A clear break above the $2,265 resistance could send the price heading towards the $2,320 resistance. A break above the $2,320 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,400 resistance zone and even $2,450 in the short term.
further decline $ETH?
If Ethereum fails to break through the $2,225 resistance level, a fresh decline could begin. The first support on the downside is near the $2,165 level. The first major support is near the $2,140 zone, or the 61.8% Fib retracement level of the upward movement from the swing low of $2,060 to the high of $2,273.
A clear move below the $2,140 support could push the price towards the $2,110 support. Any further losses could send the price towards the $2,060 area. The main support could be at $2,020.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,140
Major Resistance Level – $2,225
