Ethereum price started a new rally and tested $2,200. $ETH It has now corrected its gains and could fall further if it trades below $2,030.
- Ethereum has started a downward correction below the $2,120 zone.
- The price is trading above the 100-hour simple moving average at $2,065.
- On the hourly chart of , a major bullish trend line is forming with support at $2,030. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,135 zone, the decline could begin again.
Ethereum price begins to correct downwards
Ethereum price, similar to Bitcoin, has started a new rally above the $2,065 resistance level. $ETH The price rebounded above the $2,120 and $2,150 resistance levels.
The bulls pushed the price above $2,180. A high was formed at $2,200 before the downside correction occurred. Price fell below $2,120 and tested the 50% Fib retracement level of the rally from the swing low of $1,929 to the high of $2,200.
Ethereum price is currently trading above $2,065 and its 100-hour simple moving average. Additionally, a major bullish trend line has formed with support at $2,030 on the hourly chart. $ETH/USD.
If the bulls sustain the action above $2,030, the price may try to move higher. Immediate resistance is seen near the $2,100 level. The first major resistance level is near the $2,135 level. The next major resistance level is near the $2,150 level. A clear break above the $2,150 resistance could send the price towards the $2,200 resistance. A break above the $2,200 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.
more losses occur $ETH?
If Ethereum fails to break through the $2,135 resistance level, a fresh decline could begin. The first support on the downside is near the $2,065 level. The first major support lies near the $2,030 trendline zone and the 61.8% Fib retracement level of the $1,929 swing low to $2,200 high.
A clear move below the $2,030 support could push the price towards the $2,000 support. Any further losses could send the price towards the $1,965 area. The main support could be at $1,920.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,030
Major Resistance Level – $2,135
