ethereum price is correcting gains from the $2,440 zone. eth is correcting gains but bulls could remain active near the $2,300 and $2,240 support levels.
- ethereum is correcting gains and trading below the $2,400 level.
- The price is trading above $2,320 and the 100 hourly simple moving average.
- A bullish flag is forming with resistance near $2,360 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it closes above the $2,400 level.
ethereum price remains supported
ethereum price rose above the $2,320 resistance zone. eth even broke the $2,400 level before the bears appeared. A high was formed near $2,441 before the price began a downward correction, like bitcoin.
There was a move below the $2,400 and $2,380 levels. The price moved down and tested the 50% Fibonacci retracement level of the ascending wave from the low of $2,180 to the high of $2,441. The bulls seem to be active near the $2,320 support zone.
ethereum is now trading above $2,320 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,360 level. There is also a bullish flag forming with resistance near $2,360 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
The first major resistance is now near $2,400. A close above the $2,400 resistance could send the price towards $2,440. The next key resistance is near $2,500. A clear move above the $2,500 zone could start another rise. The next resistance lies at $2,620, above which ethereum could rally and test the $2,750 area.
More losses on eth?
If ethereum fails to overcome the $2,400 resistance, it could continue down. Initial support on the downside is near the $2,320 level and the 100 hourly SMA.
The first key support could be the $2,240 zone or the 76.4% Fibonacci retracement level of the ascending wave from the low of $2,180 to the high of $2,441. A break lower and a close below $2,240 could start another major decline. In the given case, Ether could test the support at $2,165. Any further losses could send the price towards the $2,120 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now near the 50 level.
Main Support Level: $2,320
Main Resistance Level: $2,400
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