Ethereum Price Holds Support
Recently, Ethereum experienced a surge in value, breaking the $2,000 and $2,050 levels. It even reached a multi-week high at $2,137 before experiencing a downside correction. The price dropped below $2,080 and the 23.6% Fib retracement level, but it is still trading above $2,020 and the 100-hourly Simple Moving Average. Additionally, a key declining channel is forming with support near $2,000 on the hourly chart of ETH/USD.
Resistance near the $2,060 level and the channel region is currently being faced by the price. The next major resistance level is at $2,085, which could lead to a rally towards the $2,120 resistance and potentially to the $2,150 level.
Source: ETHUSD on TradingView.com
More Losses in ETH?
If Ethereum fails to surpass the $2,085 resistance level, it may continue to move downwards. Initial support is near the $2,025 level and the 100-hourly Simple Moving Average. The next key support is at $2,000 and within the channel zone. A break below this support could result in bearish moves, potentially dropping towards the $1,930 support zone or even lower to around $1,850.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,085
Hot Take: Ethereum’s Price Movement
Ethereum’s recent price movement has seen it surge past key resistance levels before experiencing a correction. While it maintains some crucial support levels currently, failure to overcome resistance could lead to further losses. Traders are advised to closely monitor the key levels and technical indicators to make informed decisions regarding their Ethereum holdings.
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