The price of Ethereum started a new rise above $2,120. ETH is now correcting gains from $2,200 and could decline below $2,100.
- Ethereum started a negative correction from the $2,200 zone.
- The price is trading above $2,080 and above the 100-hourly moving average.
- A major uptrend line is forming with support at $2,020 on the hourly chart of ETH/USD (via data via Kraken).
- The pair can start a new decline if it stays above the $2,180 zone.
The price of Ethereum rose by more than 8%
The price of Ethereum started a new rally from the $2,050 resistance, just like Bitcoin. ETH price broke above the $2,080 and $2,120 resistance levels.
The bulls even pushed the price above $2150. Before there was a negative correction, the high level was formed at $2,200. The price broke down from $2,150 and the 23.6% Fib retracement level, which moves higher, from $1,929 to $2,200.
Ethereum price is currently trading above $2,080 and the 100-hour Simple Moving Average. A major uptrend line is forming with support at $2,020 on the hourly chart of ETH/USD.
If the bulls remain active above $2,020, the price may attempt another rally. Immediate resistance is seen near the $2,150 level. The first key resistance is near the $2,180 level. The next major resistance is near the $2,200 level. A clear move above the $2,200 resistance could send the price towards the $2,250 resistance. A break above the $2,250 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2,320 or even $2,350 in the near future.
ETH downside correction?
If Ethereum fails to clear the $2,150 resistance, it could start a new decline. Initial support on the downside is near the $2,080 level. The first major support is located near the $2,065 area or the 50% Fib retracement level on the upward move from the low swing of $1,929 to $2,200.
A clear move supported by $2,065 could push the price to $2,020. Any further losses could send the price to the $1,980 zone. Key support could be $1,920.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
The main support level is $2,065
The main resistance level is $2,180
