Ethereum price started a fresh decline and traded below $2,000. ETH is now consolidating near $2,000 and might continue to move down.
- Ethereum remained in a bearish zone after a fresh decline below $2,010.
- The price is trading below $2,010 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $2,015 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $2,050 zone.
Ethereum Price Remains At Risk of More Downside
Ethereum price failed to remain stable above $2,040 and started a fresh decline, like Bitcoin. ETH price dipped below the $2,020 and $2,010 levels.
The price even traded below $1,985. A low was formed at $1,965, and the price recently attempted a minor recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $2,140 swing high to the $1,965 low.
However, the bears remained active near $2,040. The price dipped again below $2,020. There was a break below a bullish trend line with support at $2,015 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,010 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,980, the price could attempt another increase. Immediate resistance is seen near the $2,020 level. The first key resistance is near the $2,030 level.
The next major resistance is near the $2,050 level or the 50% Fib retracement level of the downward move from the $2,140 swing high to the $1,965 low. A clear move above the $2,050 resistance might send the price toward the $2,085 resistance. An upside break above the $2,085 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,150 in the near term.
More Downside In ETH?
If Ethereum fails to clear the $2,050 resistance, it could start a fresh decline. Initial support on the downside is near the $1,980 level. The first major support sits near the $1,965 zone.
A clear move below the $1,965 support might push the price toward the $1,920 support. Any more losses might send the price toward the $1,850 region. The main support could be $1,780.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,980
Major Resistance Level – $2,050
