Ethereum price is taking gains from the $2,350 resistance zone. If ETH holds above the $2,200 support area, it could start a fresh increase.
- Ethereum began a downward correction at the $2,350 resistance zone.
- The price is trading near $2,275 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,285.
- As long as the pair doesn’t close below $2,200, it could attempt a fresh increase.
Ethereum price remains supported
Ethereum price failed to gain any speed above the $2,350 level. ETH had a short-term uptrend near $2,350 and recently began a downward correction like Bitcoin.
It moved below the $2,320 and $2,300 levels. Prices also soared below $2,250. A low was formed near $2,247 and the price is currently correcting higher. There was a move above the $2,265 level. The price crossed the 23.6% Fib retracement level moving down from the $2,326 swing high to the $2,247 low.
Ethereum is currently close to $2,275 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,285. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,285.
The trend line is close to the 50% Fib retracement level moving downward from the $2,326 swing high to the $2,247 low. A close above the $2,285 resistance could push the price up to $2,350.
Source: ETHUSD on TradingView.com
A clear break above the $2,350 area could initiate a major rally. The next resistance level is $2,420. More gains could start a wave towards the $2,500 level where Ethereum could test and test the $2,550 area.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,285 resistance, it may continue to fall. Initial support for the downside is near the $2,220 level.
The first major support could be the $2,200 zone. If a downside is discovered and the price closes below $2,200, the price could go lower. If noted, Ether could revisit the $2,170 support. Any more losses could push the price towards the $2,120 level in the next session.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,200
Key Resistance Level – $2,285
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