The current insight indicates that Ethereum price is on the verge of an upside correction from the $2,150 support area, with the potential to gain momentum if it successfully surpasses the $2,240 resistance zone.
At the moment, Ethereum has initiated an upward correction from the $2,165 zone, trading below $2,240 and the 100-hourly Simple Moving Average. However, there has been a breakthrough, as observed in the hourly chart of ETH/USD, with a connecting bearish trend line resistance near $2,235. This breakthrough suggests the possibility of a steady increase if Ethereum manages to clear the $2,240 resistance zone.
The recent decline in Ethereum’s price below the $2,240 support has led to a spike below $2,200, prompting a response from bulls near the $2,165 level. This has formed a short-term base and initiated an upward correction. However, Ethereum is currently trading below $2,240 and the 100-hourly Simple Moving Average, encountering resistance around the $2,240 level.
There is a potential for further resistance at $2,300 or the 100-hourly Simple Moving Average, with the next major obstacle at $2,360. A decisive move above this level could trigger a significant increase in Ethereum’s price, potentially leading it toward the $2,420 level, and further gains may push it into the $2,500 zone.
On the other hand, if Ethereum fails to clear the $2,240 resistance, it could see another decline with initial support near the $2,200 level and a key support zone around $2,165. A break below $2,165 could result in a substantial decline, testing the $2,080 support and potentially even reaching the $2,000 level.
From a technical standpoint, the MACD for ETH/USD is showing signs of losing momentum in the bearish zone, while the RSI is currently below the 50 level. The major support level is identified at $2,165, with resistance at $2,240.
It’s important to note that the information provided is for educational purposes and does not constitute investment advice from NewsBTC. As always, it’s crucial to conduct thorough research before making any investment decisions and to be aware of the associated risks.
