Ethereum price started a up-to-date rally and tested $2,200. ETH is currently correcting gains and may decline further if it falls below $2,030.

• Ethereum has started a downward correction below the $2,120 zone.
• The price is above $2,065 and the 100-hour basic moving average.
• A key bullish trendline is forming on the ETH/USD hourly chart with support at $2,030 (data intake via Kraken).
• The pair could start a up-to-date decline if it stays below the $2,135 zone.

Ethereum price begins a downward correction

Ethereum price has started a up-to-date rally above the $2,065 resistance, just like Bitcoin. ETH price rose above the $2,120 and $2,150 resistance levels.

The bulls even pushed the price above $2,180. The peak was made at $2,200, followed by a downward correction. The price dropped below $2,120 and tested the 50% Fib retracement level in an upward move from a low of $1,929 to a high of $2,200.

Ethereum price is currently trading above $2,065 and the 100-hour basic moving average. A key uptrend line is also forming on the ETH/USD hourly chart with support at $2,030.

If the bulls keep the action above $2,030, the price may be tempted to move higher again. Immediate resistance is seen near the $2,100 level. The first key resistance is near the $2,135 level. The next major resistance is near the $2,150 level. A clear move above the $2,150 resistance could push the price towards the $2,200 resistance. An upward break above the $2,200 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone of $2,250 or even $2,320 in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,135, a up-to-date decline could begin. Initial downside support is near the $2,065 level. The first major support is located near the $2,030 zone, the trend line and the 61.8% Fib retracement level, marking an upward move from a low of $1,929 to a high of $2,200.

A significant move below the $2,030 support could push the price towards the $2,000 support. Any further losses could push the price towards the $1,965 region. The main support could be $1,920.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.

Main support level – USD 2,030

Major resistance level – $2,135