Ethereum Pauses After Rally, Support Levels Remain Strong
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Ethereum’s recent price surge, which saw it peak above $2,150, has encountered resistance, leading to a notable pullback. Currently, ETH is adjusting and may find buying interest around the $2,080 mark.
The cryptocurrency initiated a positive trajectory when it moved past the $2,120 threshold. As of now, the trading price is hovering above $2,100, with support from the 100-hourly Simple Moving Average in place. However, an analysis of the hourly ETH/USD chart reveals a breach below a rising channel, specifically at the $2,140 support level.
The price dynamics indicate that Ethereum remains stable above $2,050, reflecting a pattern similar to Bitcoin’s recent movements. Following a rally that propelled ETH past resistance levels at $2,080 and $2,120, the bulls achieved a high of $2,174 before the current correction phase began.
This downward adjustment has seen Ethereum dip below the 38.2% Fibonacci retracement level, correlating with the rise from the recent low of $2,021 to the peak of $2,174. Nevertheless, as long as Ethereum maintains its value above the $2,080 area, it could set the stage for another upward movement.
A key resistance level sits approximately at $2,120, with additional resistance seen at $2,140. Surpassing the $2,175 barrier may trigger a rally toward the $2,220 zone, while a further breakout could potentially elevate the price toward $2,350 or even $2,380 in the upcoming days.
Conversely, should Ethereum struggle to surpass the $2,140 resistance, it risks initiating a downward trend. Initial downside support is identified at the $2,080 level, coinciding with the 61.8% Fibonacci retracement from the prior rise.
Beyond this, the first significant support appears near $2,065. A decisive move beneath this level could lead to a decline toward $2,020, with further losses potentially reaching the $1,980 region. The primary support level to monitor sits at $1,965.
In terms of technical indicators, the hourly MACD for ETH/USD shows increasing bearish momentum, whereas the RSI is now positioned below the 50 mark, suggesting a cautious outlook for Ethereum’s price movements ahead.
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Sofia Russo
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