Ethereum traded to a new all-time high at $2,646 before correcting lower against the US Dollar. ETH price is now trading below $2,300, but it is likely to remain well bid above $2,000.

Ethereum remained in a strong uptrend above the $2,400 and $2,500 levels. ETH even broke the $2,600 level and traded to a new all-time high near $2,646.

Recently, there was a sharp decline in bitcoin, resulting in a bearish reaction in ether below $2,500. The price broke many supports near $2,450 and $2,400. There was also a break below a major bullish trend line with support near $2,400 on the hourly chart of ETH/USD.

The pair broke the 61.8% Fib retracement level of the key upward move from the $2,051 swing low to $2,646 high. It is now trading well below $2,300 and the 100 hourly simple moving average.

Ether tested the 76.4% Fib retracement level of the key upward move from the $2,051 swing low to $2,646 high. It is now recovering higher, but there are chances of more losses below $2,200. If the bears remain in action, the price could test the main uptrend support a $2,000, where the bulls are likely to appear.

If Ethereum remains stable above $2,050 and $2,000, it is likely to start a fresh increase. An initial resistance on the upside is near the $2,280 and $2,300 levels.

The main resistance is near the $2,350 level and the 100 hourly simple moving average. A successful close above the $2,350 level and the 100 hourly simple moving average could start a fresh increase. In the stated case, ether price is likely to climb above the $2,400 and $2,450 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 30 level.

Major Support Level – $2,050

Major Resistance Level – $2,350

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