Ethereum Stalls at ₱123,710 ($2,150) After 15% Rally
Ethereum's price rally stalled at ₱123,710 ($2,150) after climbing more than 15% from a swing low of $1,792. The token now trades near $2,000 with bulls facing resistance at $2,120.
Key Takeaway
Ethereum's rally loses steam at $2,150 — bulls must break $2,120 or risk dropping to $1,975.
Ethereum climbed past $2,000 and reached a high of $2,158 before pulling back sharply. The rally started from a swing low of $1,792, pushing through resistance levels at $1,920, $2,000, and $2,020.
Bulls broke a bearish trend line at $1,920 and cleared the $1,950 zone to start the fresh upward move. Ethereum trades above its 100-hourly simple moving average, but momentum is fading.
Immediate resistance sits at $2,080, with the first key level at $2,120. If Ethereum fails to clear $2,120, a fresh decline could begin. Support on the downside starts at $2,000, followed by $1,975 — the 50% Fibonacci retracement level of the move from $1,792 to $2,158.
The hourly MACD is losing momentum in the bullish zone, according to data from Kraken. The hourly RSI remains above 50, but the token dipped below the 23.6% Fibonacci retracement level during the correction.
A break above $2,200 would open the path toward $2,250 and potentially $2,320 in the near term. If bears regain control, the main support zone sits between $1,975 and $1,930, with deeper support at $1,900 and $1,880.
This article was written based on reporting from NewsBTC.
