Ethereum is struggling to clear the $ 2,200 resistance zone against the US Dollar. The ETH price is currently consolidating and is likely to start a strong rally above $ 2,200.

A new rally

Ethereum is trading in a positive zone above the $ 2,100 and $ 2,080 support levels.

The price is currently trading well above $ 2,100 and the 100 hourly simple moving average.

There is an important bullish trend line formed with support near $ 2,125 on the hourly ETH / USD pair.

The pair continues to offer well and is likely to start a new rally above the $ 2,200 resistance.

If Ethereum fails to clear the $ 2,200 resistance, it could experience a correction towards a lower level.

The first major support is currently forming near the $ 2,125 level, the 100 hourly SMA and the trend line.

The main support is currently near the $ 2,100 level. A clear bearish break below the trendline support and the $ 2,100 zone could push the price to the $ 2,000 support level in the coming sessions. More losses would likely require a $ 1,940 test.

 

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 currently well above the 50 level.

Major Support Level – $ 2,100

Major Resistance Level – $ 2,200

LEAVE A REPLY

Please enter your comment!
Please enter your name here