Ethereum Price Cools Off, But Structure Stays Firmly Supported

The pair could start a fresh increase if it stays above the 2,080 resistance. Ethereum Price Aims Higher Ethereum price remained stable above 2,050 and started a decent upward move, like Bitcoin. ETH price climbed above the 2,080 and 2,120 resistance levels. The bulls pumped the price above 2,150. A high was formed at 2,174 before the price started a downside correction. There was a move below the 38.2 Fib retracement level of the upward move from the 2,021 swing low to the 2,174 high. Besides, there was a break below a rising channel with support at 2,140 on the hourly chart of ETH/USD. Ethereum price is now trading above 2,080 and the 100-hourly Simple Moving Average. If the bulls remain in action above 2,080, the price could attempt another increase. Immediate resistance is seen near the 2,120 level. The first key resistance is near the 2,140 level. The next major resistance is near the 2,175 level. A clear move above the 2,175 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 2,350 resistance zone or even 2,380 in the near term. More Losses In ETH? If Ethereum fails to clear the 2,140 resistance, it could start a fresh decline. Initial support on the downside is near the 2,080 level or the 61.8 Fib retracement level of the upward move from the 2,021 swing low to the 2,174 high. The first major support sits near the 2,065 zone. A clear move below the 2,065 support might push the price toward the 2,020 support. Any more losses might send the price toward the 1,980 region. The main support could be 1,965. 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 – 2,065 Major Resistance Level – 2,140