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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price
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Ethereum Bulls Take Breather, This Scenario Could Trigger A Correction

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read

Ethereum price extended its increase above the $2,000 resistance against the US Dollar. ETH is slowly moving lower and might decline if it breaks the $2,075 support.

  • Ethereum started a strong increase above the $2,000 and $2,050 resistance levels.
  • The price is trading above $2,000 and the 100-hourly Simple Moving Average.
  • There is a major bullish trend line forming with support near $2,090 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a downside correction below the $2,075 support zone.

Ethereum Price Faces Resistance

Ethereum’s price gained pace after there was a clear move above the $2,000 resistance zone. ETH even climbed above the $2,080 resistance zone before the bears appeared near the $2,120 zone.

A high was formed near the $2,141 level before the price started a downside correction, similar to Bitcoin. There was a move below the $2,100 level but the downsides were limited. A low is formed near $2,075 and the price is now consolidating gains.

Ether price trading above $2,000 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support near $2,090 on the hourly chart of ETH/USD. Immediate resistance is near the $2,110 zone. It is near the 50% Fib retracement level of the downward move from the $2,141 swing high to the $2,075 low.

The next major resistance is near the $2,125 zone or the 76.4% Fib retracement level of the downward move from the $2,141 swing high to the $2,075 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $2,125 resistance zone could start another strong increase. In the stated case, the bulls might aim for a move toward the $2,200 resistance. Any more gains could set the pace for a test of the $2,320 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $2,125 resistance, it could start a downside correction. Initial support on the downside is near the $2,090 level and trend line.

The next major support is near the $2,075 zone, below which ether price might decline toward the $2,020 level. The main support is now forming near the $1,925 and $1,920 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level.

Major Support Level – $2,075

Major Resistance Level – $2,125

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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