Analytics / Forex and Crypto News
The level of 2050 provides sufficient support for Ethereum. This level was able to keep the price from falling on April 18 and April 20. Yesterday, after falling to the area of 2050, the ETH/USD pair began a new growth. But having faced resistance around $2350, the correction began again. And at the time of publication, the ETH/USD pair is trading near the $2250 level, staying above the 100-hour moving average.
On the hourly chart, the ETH/USD pair is close to the 100-hour moving average, continuing to form a downtrend. The situation shows that there is an activation of sellers who want to fix their profits at the level of 2350. As a result, the price receives pressure and starts a correction.
A clear breakout above the 2350-2370 resistance area will set the pace for growth above the 2400 level. In case of a successful breakout of this level, the ETH/USD pair can easily return to the area of $2500.
If the ETH/USD pair fails to overcome the resistance area of 2350-2370, it may correct below. In this case, initial support is at 2250 and the 100-hour SMA.
If the ETH/USD pair falls below the 100-hour simple moving average, there is a risk of falling below the important support level of 2200. The next major support is in the 2050-2150 area.