Ethereum corrected lower below $2,100 against the US Dollar, but stayed above $2,050. ETH price is likely to start a fresh increase as long as it is above the $2,000 support.
- Ethereum is showing signs of a fresh increase above $2,120 and $2,150.
- The price is now trading nicely above the $2,080 support and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near $2,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher above the $2,120 and $2,150 levels in the near term.
Ethereum Price Remains In Uptrend
After setting a new all-time high near $2,150, Ethereum started a downside correction. ETH traded below the $2,120 and $2,100 support levels.
However, the bulls were active near the $2,050 support zone and the 100 hourly simple moving average. A low was formed near $2,050 before the price climbed higher. The recent swing high was near $2,132 and the low was formed near $2,083.
Ether is now rising and trading above $2,100. There was a break above the 50% Fib retracement level of the recent decline from the $2,132 high to $2,083 low.
It seems like there is a major contracting triangle forming with resistance near $2,120 on the hourly chart of ETH/USD. The triangle resistance is close to the 61.8% Fib retracement level of the recent decline from the $2,132 high to $2,083 low.
Source: ETHUSD on TradingView.com
A successful break above the triangle resistance could open the doors for a fresh increase above $2,150. In the stated case, the price is likely to rally towards $2,200 or $2,250. The next key barrier for the bulls could be $2,320.
Downside Breaks in ETH?
If Ethereum fails to clear the $2,120 resistance, it could correct lower. The first major support is now forming near the $2,080 level and the triangle lower trend line.
The main support is still near the $2,050 level and the 100 hourly simple moving average. Any more losses might call for a test of the $2,000 support, below which the price might test the $1,920 level in the coming sessions.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
Major Support Level – $2,050
Major Resistance Level – $2,120
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Author: Aayush Jindal