Ethereum Price Builds Momentum For Another Bullish Surge Ahead

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a downside correction from $2,150. ETH must clear the $2,120 and $2,150 resistance levels to continue higher. - Ethereum started a downside correction below the $2,125 zone. - The price is trading above $2,100 and the 100-hourly Simple Moving Average. - There is a bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD (data feed via Kraken). - The pair could continue to move down if it stays below the $2,150 zone. Ethereum Price Holds Support Ethereum price failed to stay above the $2,145 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $2,120 and $2,110 levels. The bears pushed the price below the 38.2% Fib retracement level of the upward move from the $2,001 swing low to the $2,147 high. However, the bulls were active near the $2,065 level. Besides, there is a bearish trend line forming with resistance at $2,110 on the hourly chart of ETH/USD. Ethereum price is now trading above $2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,065, the price could attempt another increase. Immediate resistance is seen near the $2,110 level. The first key resistance is near the $2,140 level. The next major resistance is near the $2,150 level. A clear move above the $2,150 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 $2,250 resistance zone or even $2,320 in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,110 resistance, it could start a fresh decline. Initial support on the downside is near the $2,075 level. The first major support sits near the $2,055 zone or the 61.8% Fib retracement level of the upward move from the $2,001 swing low to the $2,147 high. A clear move below the $2,055 support might push the price toward the $2,020 support. Any more losses might send the price toward the $2,000 region. The main support could be $1,940. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,055 Major Resistance Level – $2,150

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