The price of Ethereum started a new uptrend and tested $2,200. ETH is now correcting gains and could fall further if it breaks below $2,030.
- Ethereum started a negative correction below the $2,120 zone.
- The price is moving above $2,065 and the 100-hourly moving average.
- A major uptrend line is forming with support at $2,030 on the hourly chart of ETH/USD (via data via Kraken).
- The pair can start a new decline if it stays above the $2,135 zone.
Ethereum price starts a negative correction
The price of Ethereum started a new rally from the $2,065 resistance, just like Bitcoin. ETH price broke above the $2,120 and $2,150 resistance levels.
The bulls even pushed the price above $2180. Before there was a negative correction, the high level was formed at $2,200. The price dropped from $2,120 and tested the 50% Fib retracement level of the upward move from $1,929 to $2,200.
Ethereum price is now trading above $2,065 and below the 100-hourly moving average. A major uptrend line is forming with support at $2,030 on the hourly chart of ETH/USD.
If the bulls stay active above $2,030, the price may try another rally. Immediate resistance is seen near the $2,100 level. The first key resistance is near the $2,135 level. The next major resistance is near the $2,150 level. A clear move above the $2,150 resistance could send the price to the $2,200 resistance. A break above the $2,200 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2,250 or even $2,320 in the near future.
More in ETH?
If Ethereum fails to clear the $2,135 resistance, it may start a new decline. Initial support on the downside is near the $2,065 level. The first major support is located near the $2,030 area, the trend line and the 61.8% fib retracement level of the upward movement from $1,929 to $2,200.
A clear move from the $2,030 support could push the price to $2,000. Any further losses could send the price to the $1,965 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 below the 50 zone.
The main support level is $2,030
The main resistance level is $2,135
