Ethereum price started a downward correction after falling around $2,400. $ETH The price is currently consolidating, and if it exceeds $2,360, there is a possibility of further profits.
- Ethereum has started a downward correction below the $2,350 zone.
- The price is trading above $2,300 and the 100-hour simple moving average.
- On the hourly chart of , there is a bearish trend line forming resistance at $2,360. $ETH/USD (data feed via Kraken).
- If the pair breaks above the $2,295 zone, the pair can continue moving higher.
Ethereum price aims for major upside break
Ethereum price managed to rise above the $2,250 support and started a new rally similar to Bitcoin. $ETH Prices rose at a pace above $2,320 and $2,350.
However, the bears were active near $2,400. The last swing high was formed at $2,417 before the downside correction occurred. The price fell below the $2,320 level. Price even tested the 50% Fib retracement level of the rally from the swing low of $2,180 to the high of $2,417.
Ethereum price is currently trading above $2,300 and its 100-hour simple moving average. If the bulls sustain the action above $2,295, the price may try to move higher.
Immediate resistance is seen near the $2,360 level. There is also a bearish trendline forming resistance at $2,360 on the hourly chart. $ETH/USD. The first major resistance level is near the $2,380 level. The next major resistance level is near the $2,420 level. A clear break above the $2,420 resistance could send the price heading towards the $2,450 resistance. A break above the $2,450 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,500 resistance zone and even $2,550 in the short term.
further decline $ETH?
If Ethereum fails to clear the $2,360 resistance level, a downside correction could begin. The first support on the downside is near the $2,295 level. The first major support lies near the $2,265 zone, or the 61.8% Fib retracement level of the upward movement from the swing low of $2,180 to the high of $2,417.
A clear move below the $2,265 support could push the price towards the $2,220 support. Any further losses could send the price towards the $2,200 area. The main support could be at $2,150.
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 – $2,295
Major Resistance Level – $2,360
