TA: Ethereum Trims Gains, Why ETH Could Restart Its Rally
July 27 2021 - 1:08AM
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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. Source: ETHUSD on TradingView.com 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
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