Ethereum price started a downside correction from $2,150. ETH must clear the $2,120 and $2,150 resistance levels to continue higher.
Ethereum price failed to stay above the $2,145 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $2,120 and $2,110 levels.
The bears pushed the price below the 38.2% Fib retracement level of the upward move from the $2,001 swing low to the $2,147 high. However, the bulls were active near the $2,065 level. Besides, there is a bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,065, the price could attempt another increase. Immediate resistance is seen near the $2,110 level. The first key resistance is near the $2,140 level.
The next major resistance is near the $2,150 level. A clear move above the $2,150 resistance might send the price toward the $2,220 resistance. An upside break above the $2,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,320 in the near term.
If Ethereum fails to clear the $2,110 resistance, it could start a fresh decline. Initial support on the downside is near the $2,075 level. The first major support sits near the $2,055 zone or the 61.8% Fib retracement level of the upward move from the $2,001 swing low to the $2,147 high.
A clear move below the $2,055 support might push the price toward the $2,020 support. Any more losses might send the price toward the $2,000 region. The main support could be $1,940.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,055
Major Resistance Level – $2,150
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