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Ethereum is struggling to clear the $2,200 resistance zone against the US Dollar. ETH price is now consolidating and it is likely to start a strong rally above $2,200.
- Ethereum is trading in a positive zone above the $2,100 and $2,080 support levels.
- The price is now trading well above $2,100 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $2,125 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well bid and it is likely to start a fresh rally above the $2,200 resistance.
Ethereum Price Is Holding Gains
Ethereum remained well offered near the $2,200 resistance zone. Recently, ETH failed to clear the $2,200 resistance, formed a high near $2,200, and corrected lower.
There was a drop below the $2,150 support level, but the price was well supported near the $2,100 level. A low was formed near $2,102 and the price is now moving higher. There was a break above the 50% Fib retracement level of the recent decline from the $2,200 high to $2,102 low.
Ether is now trading well above $2,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $2,125 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $2,175 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,200 high to $2,102 low. The main hurdle is still near $2,200, above which the price is likely to start a strong rally. In the stated case, ether might jump 8%-10%.
Dips Limited in ETH?
If Ethereum fails to clear the $2,200 resistance, it could correct lower. The first major support is now forming near the $2,125 level, the 100 hourly SMA, and the trend line.
The main support is now near the $2,100 level. A clear downside break below the trend line support and the $2,100 zone could lead the price towards the $2,000 support level in the coming sessions. Any more losses will most likely call for a test of $1,940.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $2,100
Major Resistance Level – $2,200
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.