Ethereum Price Gains Bullish Momentum

Ethereum Price Correction

Ethereum’s price has begun a downward correction from $2,150. To resume its upward trajectory, ETH must surpass resistance levels at $2,120 and $2,150. The cryptocurrency has retreated below the $2,125 zone and is currently trading above $2,100 and the 100-hourly Simple Moving Average.

A bearish trend line is forming, with resistance at $2,110 on the hourly chart of ETH/USD, according to data from Kraken. The pair could continue to decline if it remains below the $2,150 zone.

Support Levels Hold

Ethereum failed to maintain its position above the $2,145 zone, mirroring Bitcoin’s decline. The price of ETH subsequently fell below the $2,120 and $2,110 levels. Bears pushed the price below the 38.2% Fibonacci retracement level, calculated from the upward movement between the $2,001 swing low and the $2,147 high. However, bulls have been active near the $2,065 level.

The hourly chart of ETH/USD also shows a bearish trend line forming, with resistance at $2,110. Ethereum is currently trading above $2,100 and the 100-hourly Simple Moving Average. If bulls maintain their activity above $2,065, the price may attempt another increase.

Immediate resistance is observed near $2,110, with the first key resistance near $2,140. The next significant resistance level is near $2,150. A decisive move above the $2,150 resistance could potentially drive the price towards the $2,220 resistance level. A break above $2,220 might lead to further gains in the coming days, potentially pushing Ether towards the $2,250 resistance zone or even $2,320 in the near term.

Potential for Further Decline

If Ethereum fails to overcome the $2,110 resistance, a fresh decline could be initiated. Initial support on the downside is near the $2,075 level. The first major support is situated near the $2,055 zone, coinciding with the 61.8% Fibonacci retracement level of the upward move from the $2,001 swing low to the $2,147 high. A clear break below the $2,055 support could push the price towards the $2,020 support level. Further losses might lead to a test of the $2,000 region, with the main support potentially at $1,940.

Technical Indicators

The Hourly MACD for ETH/USD is gaining bullish momentum. The Hourly RSI for ETH/USD is currently above the 50 zone.

Major Support Level: $2,055
Major Resistance Level: $2,150