ETH's $2,120 Line in the Sand: Bulls Ready to Defend the Realm?

Ethereum price extended gains above $2,265 before starting a downside correction. $ETH is now correcting gains and might find bids near the $2,120 zone. Buckle up, degens.

Ethereum kicked off a decent upward move above the $2,250 zone, with the price trading above $2,150 and the 100-hourly Simple Moving Average. A declining channel is forming with resistance at $2,220 on the hourly chart of $ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $2,120 zone. Someone alert the chart watchers.

Ethereum price remained stable above $2,150 and joined the upward party alongside Bitcoin. $ETH price climbed above the $2,165 and $2,200 resistance levels, with bulls pushing the price above $2,250. A high was formed at $2,274 before the price started a downside correction, dipping below $2,200. There was a move below the 38.2% Fib retracement level of the upward move from the $2,059 swing low to the $2,274 high. Classic bull flag behavior, or just another rug pull in waiting? Place your bets.

Ethereum price is now trading above $2,150 and the 100-hourly SMA. If the bulls remain in action above $2,120, the price could attempt another increase. The $2,120 gang is holding strong, apparently.

Immediate resistance is near the $2,200 level, with the first key resistance at $2,220. The next major resistance sits near $2,250. A clear move above that could send the price toward $2,320, and an upside break above that region might call for more gains, potentially pushing Ether toward $2,400 or even $2,450 in the near term. Moon math enthusiasts, start your engines.

If Ethereum fails to clear the $2,220 resistance, it could start a fresh decline. Initial support on the downside is near $2,165 or the 50% Fib retracement level of the upward move from the $2,059 swing low to the $2,274 high. The first major support sits near the $2,120 zone, and a clear move below that might push the price toward $2,080. Any further losses could send the price toward the $2,050 region, with the main support at $2,020. The $2,020 support is basically the last line of defense before things get spicy.

Technical Indicators:

• Hourly MACD: Gaining momentum in the bearish zone
• Hourly RSI: Now below the 50 zone
• Major Support: $2,120
• Major Resistance: $2,220

The MACD is screaming bearish while RSI is having an identity crisis below 50. Fun times ahead.