- Ethereum failed to stay above $2400 levels and started a major correction.
- It reached the $1700 support level on July 20 and started to rally the next day.
- ETH price is now approaching the key $2300 level.
Recently, Ethereum failed to stay above $2400 levels and started a major correction against Tether. It reached the $1700 support level on July 20 and started to rally the next day. ETH price is now approaching the key $2300 level which is near its $2400 resistance level.
According to the chart below, it is now showing a double bottom pattern. Looks like the ETH/USDT pair had a strong buying interest near the $2100 and $2000 levels. Now, the price is trading at $2190 with a 24-hour trading volume of $24,902,393,103.
Although others may think this is just another bull trap, the chart shows it has a lot of possibilities to continue rallying up to the $2400 level in few days. Take note that this price surge happened after the upcoming Eth2 formally launched its Ethereum Improvement Proposal (EIP-3675) on Github.
Clearly, the ETH started a major upward move above its previous $2000 resistance, similar to Bitcoin.
Meanwhile, its relative strength index (RSI) stays at 56 which means it’s neither overbought nor oversold. Lastly, the first major support is near the $2600 level. The main support level is now forming near the $2400 level.
Technical Indicators for ETH/USDT:
- Hourly RSI – a little above 50 level
- Hourly MACD – shows it has gained an upward momentum from the bearish pace
- Major Support Level – $1700
- Major Resistance Level – $2600