Ethereum Price Corrects Gains, Bulls Eye Fresh Surge

Ethereum's price has been experiencing a period of correction after reaching a high of $2,274. The cryptocurrency is currently trading above $2,150 and the 100-hourly Simple Moving Average, but there are concerns that it may not be able to sustain its upward momentum.

The hourly chart of ETH/USD shows a declining channel forming with resistance at $2,220, which Ethereum needs to clear in order to attempt another increase. If the price stays above $2,120, the bulls may still drive a fresh surge.

However, if Ethereum fails to clear the $2,220 resistance, it could start a fresh decline. The first major support sits near the $2,165 level or the 50% Fib retracement level of the upward move from the $2,059 swing low to the $2,274 high.