Yesterday, Ethereum fell down to $1,992 yet managed to pivot upwards with a strong upward trend. With the bullish trend, ETH managed to break the resistance levels at $2000 and $2,100 and get close to $2,150. However, at this time, it is still struggling with this resistance level. Here is short summary of ETH price in the past 24 hours.
- Ethereum price broke the crucial $2000 and $2,095 resistance levels.
- Right now Ethereum is still below $2,200 and in the hourly chart, the price candles are far above the SMA100.
- As for the 1-hour chart, we have a bullish trend with a support level at $2,120.
Ethereum was on a decline yesterday. However, by reaching the $1,990 resistance level, it started a new upward trend.
During the bullish trend, Ethereum price successfully broke the $2000 and $2,100 resistance levels and reached all the way up to $2,146. At that point, ETH lost momentum by hitting the resistance level and the upward movement stopped.
In case of continuation for the bullish trend and breaking through the $2,150, Ethereum will have a chance to continue with the increase. In which case, the $2,180 to $2,200 resistance zone will stand as a barrier for further growth. If the trend continues, the $2,240 and $2,300 resistance levels will be next in line for Ethereum price.
On the other hand, if ETH fails to move beyond $2,150, there will be a solid chance for price correction. The primary support zone at that point will be the$2,120 to $2,100 zone. In case of further decline, the support zone at $2,080 to $2,070 which is closely located near the 50% Fibonacci retracement (from the latest growth) will support the price.
There is also a chance of reaching the $2,50 to $2000 zone if Ethereum price keeps on further decline and breaking the support levels.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a weak upwards momentum.
RSI: the relative strength index is approximately 47 and is moving up.
Resistance levels: ETH`s first resistance level is at $1,900 followed by $1,940. In case of breaking both, the price could further increase.
Support levels: the first support level is at $1850, then the second once at $1800. In case of further downward trend, the third support level will be $1,750.
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