Ethereum price extended gains above $2,265 before it started a downside correction. ETH is now correcting gains and might find bids near the $2,120 zone.
Ethereum started a decent upward move above the $2,250 zone.
The price is trading above $2,150 and the 100-hourly Simple Moving Average.
There is a declining channel forming with resistance at $2,220 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $2,120 zone.
Ethereum Price Corrects Some Gains
Ethereum price remained stable above $2,150 and started a decent upward move, like Bitcoin. ETH price climbed above the $2,165 and $2,200 resistance levels.
The bulls pumped the price above $2,250. A high was formed at $2,274 before the price started a downside correction. The price dipped below $2,200. There was a move below the 38.2% Fib retracement level of the upward move from the $2,059 swing low to the $2,274 high.
Ethereum price is now trading above $2,150 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,120, the price could attempt another increase.
Immediate resistance is seen near the $2,200 level. The first key resistance is near the $2,220 level. There is also a declining channel forming with resistance at $2,220 on the hourly chart of ETH/USD. The next major resistance is near the $2,250 level. A clear move above the $2,250 resistance might send the price toward the $2,320 resistance. An upside break above the $2,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,400 resistance zone or even $2,450 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,220 resistance, it could start a fresh decline. Initial support on the downside is near the $2,165 level or the 50% Fib retracement level of the upward move from the $2,059 swing low to the $2,274 high.
The first major support sits near the $2,120 zone. A clear move below the $2,120 support might push the price toward the $2,080 support. Any more losses might send the price toward the $2,050 region. The main support could be $2,020.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,120
Major Resistance Level – $2,220
