Ethereum price found support near $1,922 and recovered some losses. ETH is now consolidating and faces key hurdles near $2,000.
- Ethereum is attempting a fresh recovery wave above $1,960.
- The price is trading below $1,985 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,000 zone.
Ethereum Price Revisits Support
Ethereum price failed to stay above $2,000 and started a fresh decline, like Bitcoin. ETH price traded below the $1,960 and $1,950 levels to enter a bearish zone.
Finally, the bulls appeared near $1,920. A low was formed at $1,922, and the price started a recovery wave. There was a move above the $1,950 resistance. The price surpassed the 38.2% Fib retracement level of the downward move from the $2,038 swing high to the $1,922 low.
Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,925, the price could attempt another increase. Immediate resistance is seen near the $1,980 level. The first key resistance is near the $2,000 level or the 61.8% Fib retracement level of the downward move from the $2,038 swing high to the $1,922 low.
There is also a bearish trend line forming with resistance at $2,000 on the hourly chart of ETH/USD. The next major resistance is near the $2,020 level. A clear move above the $2,020 resistance might send the price toward the $2,050 resistance. An upside break above the $2,050 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.
Another Decline In ETH?
If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,935 level. The first major support sits near the $1,925 zone.
A clear move below the $1,925 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,840 region. The main support could be $1,820.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $1,920
Major Resistance Level – $2,000
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