Ethereum Price Buying Pressure Softens, Traders Turn Increasingly Cautious

Ethereum price started a downside correction from 2,120. ETH must clear the 2,110 and 2,120 resistance levels to continue higher. Ethereum started a downside correction below the 2,110 zone. The price is trading below 2,095 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at 2,105 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the 2,120 zone. Ethereum Price Dips Below Support Ethereum price failed to stay above the 2,120 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the 2,110 and 2,100 levels. The bears pushed the price below the 38.2 Fib retracement level of the upward move from the 2,000 swing low to the 2,148 high. Besides, there was a break below a bullish trend line with support at 2,105 on the hourly chart of ETH/USD. However, the bulls were active near the 2,080 level. Ethereum price is now trading below 2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above 2,075, the price could attempt another increase. Immediate resistance is seen near the 2,110 level. The first key resistance is near the 2,120 level. The next major resistance is near the 2,150 level. A clear move above the 2,150 resistance might send the price toward the 2,220 resistance. An upside break above the 2,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 2,250 resistance zone or even 2,320 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the 2,120 resistance, it could start a fresh decline. Initial support on the downside is near the 2,075 level. The first major support sits near the 2,060 zone or the 61.8 Fib retracement level of the upward move from the 2,000 swing low to the 2,148 high. A clear move below the 2,060 support might push the price toward the 2,020 support. Any more losses might send the price toward the 2,000 region. The main support could be 1,940. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – 2,060 Major Resistance Level – 2,150