Ethereum Price Holds Bullish Bias, Upside Continuation in Focus

Ethereum price extended gains above $2,250 before it started a downside correction. ETH is now consolidating above $2,120 and might aim for a fresh increase.

• Ethereum started a decent upward move above the $2,220 zone.

• The price is trading above $2,180 and the 100-hourly Simple Moving Average.

• There is a declining channel forming with resistance at $2,225 on the hourly chart of ETH/USD (data feed via Kraken).

• The pair could start a fresh increase if it stays above the $2,140 zone.

Ethereum Price Holds Uptrend Support

Ethereum price remained stable above $2,165 and started a decent upward move, like Bitcoin. ETH price climbed above the $2,180 and $2,220 resistance levels.

The bulls pumped the price above $2,250. A high was formed at $2,273 before the price started a downside correction. The price dipped below $2,220. There was a spike below the 50% Fib retracement level of the upward move from the $2,060 swing low to the $2,273 high.

Ethereum price is now trading above $2,180 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,140, the price could attempt another increase.

Immediate resistance is seen near the $2,200 level. The first key resistance is near the $2,225 level. There is also a declining channel forming with resistance at $2,225 on the hourly chart of ETH/USD. The next major resistance is near the $2,265 level. A clear move above the $2,265 resistance might send the price toward the $2,320 resistance. An upside break above the $2,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,400 resistance zone or even $2,450 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,225 resistance, it could start a fresh decline. Initial support on the downside is near the $2,165 level. The first major support sits near the $2,140 zone or the 61.8% Fib retracement level of the upward move from the $2,060 swing low to the $2,273 high.

A clear move below the $2,140 support might push the price toward the $2,110 support. Any more losses might send the price toward the $2,060 region. The main support could be $2,020.

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 zone.

Major Support Level – $2,140

Major Resistance Level – $2,225