ETH trades to new ATH of $2140 before correcting lower against the US dollar with the price now holding the gains above the $2000 support zone so let’s read more in our latest ETH news today.

Ethereum is showing plenty of positive signs above the $2000 support zone and now the price is well above it with the 100 hourly simple moving average. There’s a key bearish trend line forming with the resistance near $2075 on the charts of the pair. The pair will start afresh increase as long as there’s no close below the $2000 support zone.

ETH followed quite the bullish path after a clear break above the $1950 resistance, unlike BTC. It broke the important hurdles near the $2000 level to move into a positive zone. The price gained bullish momentum and cleared the $2100 level with the price trading to a new all-time high near $2140 before starting a new downside correction with it breaking the $2050 support but the bulls were still active near the $2000 zone.

The price is well above the $2000 support and the 100 hourly simple moving average after It broke the 50% fib retracement level from the decline at $2140 high to $1981 low. the bears are still protecting the $2100 zone and the price even struggled near the 61.8% fib retracement level from the decline of $2,140 swing high to $1981 low. There’s also a key bearish trendline forming with the resistance close to the $2075 on the hourly chart of the pair. On the downside, there’s another support forming near the $2000 level and the 100 hourly SMA as long as there’s no downside break below the $2000 which is likely to start an increase above the $2100 level.

ETH trades to new ATH but if it fails to stay above the $2000 support and the 100 hourly SMA, there’s a risk of a downside break. The first major support is close to the $1980 level and more losses could lead the ETH price to $1900 support zone. If the bulls fail to protect the $1900 level there will be a test of the $1850 support in the near term. The hourly MACD for the pair is gaining momentum in the bearish zone.

As reported earlier, ETH DeFi project ForceDAO, got hacked a few moments after the launch, by five hackers this morning and revived concerns around the experimental sector with huge amounts of money flowing into old projects.

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Source: https://www.dcforecasts.com/ethereum-news/eth-trades-to-new-ath-at-2140-but-the-rally-isnt-over-yet/