Ethereum Price Cools Off, But Structure Stays Firmly Supported

Ethereum price extended gains above $2,150 before it faced sellers. ETH is now correcting gains and might find bids near the $2,080 zone.

• Ethereum started a decent upward move above the $2,120 zone.
• The price is trading above $2,100 and the 100-hourly Simple Moving Average.
• There was a break below a rising channel with support at $2,140 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it stays above the $2,080 resistance.

Ethereum price remained stable above $2,050 and started a decent upward move, like Bitcoin. ETH price climbed above the $2,080 and $2,120 resistance levels.

The bulls pumped the price above $2,150. A high was formed at $2,174 before the price started a downside correction. There was a move below the 38.2% Fib retracement level of the upward move from the $2,021 swing low to the $2,174 high.

Besides, there was a break below a rising channel with support at $2,140 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,080 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,080, the price could attempt another increase.

Immediate resistance is seen near the $2,120 level. The first key resistance is near the $2,140 level. The next major resistance is near the $2,175 level. A clear move above the $2,175 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 $2,350 resistance zone or even $2,380 in the near term.

If Ethereum fails to clear the $2,140 resistance, it could start a fresh decline. Initial support on the downside is near the $2,080 level or the 61.8% Fib retracement level of the upward move from the $2,021 swing low to the $2,174 high. The first major support sits near the $2,065 zone.

A clear move below the $2,065 support might push the price toward the $2,020 support. Any more losses might send the price toward the $1,980 region. The main support could be $1,965.

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 – $2,065

Major Resistance Level – $2,140