ETHEREUM TRIMS GAINS‚ WHY ETH COULD RESTART IT′S RALLY

Updated: 07/27/2021 07:01
Hyip Monitor
ethereum trims gains why eth could restart its rally
Ethereum failed to stay above $2400 and started a major correction against the US Dollar ETH price is now approaching the key $2100 and $2080 support
Sponsored Links

Ethereum failed to stay above $2,400 and started a major correction against the US Dollar. ETH price is now approaching the key $2,100 and $2,080 support levels.

Ethereum failed to gain pace above $2,400 and it started a downside correction.
The price is now trading below $2,200 and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to find a strong buying interest near the $2,100 and $2,000 support levels.

Ethereum Price Corrects Lower


Ethereum started a major upward move above the $2,000 resistance, similar to bitcoin. ETH price surged above the $2,250 resistance and the 100 hourly simple moving average.

However, the price faced a strong selling interest near the $2,400 and $2,450 levels. A high was formed near $2,431 before the price started a downside correction. There was a major decline below the $2,320 and $2,250 support levels.

The price even broke the 61.8% Fib retracement level of the upward move from the $2,110 swing low to $2,431 high. Besides, there was a break below a major bullish trend line with support near $2,200 on the hourly chart of ETH/USD.

The price is now trading below $2,200 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $2,200 level. The next major barrier for the bulls could be near the $2,250 level, followed by $2,300. A close above $2,300 could start a fresh rally in the near term.

Dips Limited in ETH?


If Ethereum fails to continue higher above $2,250 and $2,300, it could extend its decline. An initial support on the downside is near the $2,110 level.

The first major support is near the $2,080 level. The main support is now forming near the $2,040 level. It is near the 1.236 Fib extension level of the upward move from the $2,110 swing low to $2,431 high. Any more losses could set the pace for a drop towards the $2,000 support zone in the near term. The next major support sits near the $1,910 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $2,080
Major Resistance Level – $2,250


About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
You May Also Like