Ethereum price extended its gains above $2,265 before beginning a downward correction. $ETH Now that the profit has been revised, it is likely to be bid near the $2,120 zone.
- Ethereum has started a decent rally above the $2,250 zone.
- The price is trading above $2,150 and the 100-hour simple moving average.
- On the hourly chart, a downtrend has formed with resistance at $2,220. $ETH/USD (data feed via Kraken).
- A break above the $2,120 zone could start a new rally.
Ethereum price corrects some rise
Ethereum price has stabilized above $2,150 and started a decent rise similar to Bitcoin. $ETH The price has broken above the $2,165 and $2,200 resistance levels.
The bulls pushed the price above $2,250. A high was formed at $2,274 before the price began a downward correction. Prices were below $2,200. There was a move below the 38.2% Fib retracement level of the rally from the swing low of $2,059 to the high of $2,274.
Ethereum price is currently trading above $2,150 and its 100 hourly simple moving average. If the bulls sustain the action above $2,120, the price could try to move higher.
Immediate resistance is seen near the $2,200 level. The first major resistance level is near the $2,220 level. There is also a descending channel with resistance forming at $2,220 on the hourly chart. $ETH/USD. The next major resistance level is near the $2,250 level. If there is a clear break above the $2,250 resistance, the price could head 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.
more losses will occur $ETH?
If Ethereum fails to break through the $2,220 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,165 level, or the 50% Fib retracement level of the rise from the swing low of $2,059 to the high of $2,274.
The first major support is located near the $2,120 zone. A clear move below the $2,120 support could push the price towards the $2,080 support. Any further losses could send the price towards the $2,050 area. The main support could be at $2,020.
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 – $2,120
Major Resistance Level – $2,220
