Ethereum price extended its increase above the $2,000 resistance against the US Dollar. ETH is slowly moving lower and might decline if it breaks the $2,075 support.
- Ethereum started a strong increase above the $2,000 and $2,050 resistance levels.
- The price is trading above $2,000 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support near $2,090 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a downside correction below the $2,075 support zone.
Ethereum Price Faces Resistance
Ethereum’s price gained pace after there was a clear move above the $2,000 resistance zone. ETH even climbed above the $2,080 resistance zone before the bears appeared near the $2,120 zone.
A high was formed near the $2,141 level before the price started a downside correction, similar to Bitcoin. There was a move below the $2,100 level but the downsides were limited. A low is formed near $2,075 and the price is now consolidating gains.
Downside Break in ETH?
If Ethereum fails to clear the $2,125 resistance, it could start a downside correction. Initial support on the downside is near the $2,090 level and trend line.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is just below the 50 level.
Major Support Level – $2,075 Major Resistance Level – $2,125