Ethereum prices have already fallen below $ 2,120; However, it remained above the $ 2,050 support, and before the price revived, we saw the formation of a floor at 2,050.
to the the report Newsbate witnessed a price recovery above the $ 2,100 and $ 2,120 resistances. The price of Ethereum even managed to reach the top of Fibonacci 23.6%. The Fibonacci was down from $ 2,405 to $ 2,049. Ethereum currently trades in the $ 2,137 range and is above the 100-hour moving average.
$ 2,200 serves as the first resistance to the Ethereum. The main resistance later formed near $ 2,220. The area is close to 50% Fibonacci, falling from $ 2,405 to $ 2,049.
Closing prices above $ 2,200 and $ 2,220 could speed up the jump. After the $ 2,220 resistance is the $ 2,300 resistance. Crossing this resistance paves the way for reaching $ 2,450 in the short term.
If the price of Ethereum fails to cross the $ 2,200 resistance, there is a possibility of a further fall. Ethereum’s first support in this fall will be $ 2,100.
$ 2050 serves as Ethereum’s first major support. $ 2,000 is the next support. If buyers fail to defend $ 2,050 and $ 2,000, there is a possibility of another sharp fall. The fall is likely to target $ 1,850.
The MACD is slowly decreasing in the uptrend range in hourly timeframe. The relative strength index (RSI) is still above 50 in the one-hour time frame.
As mentioned earlier, $ 2,050 will act as a major support for Ethereum and $ 2,200 will act as a resistance for this digital currency.