Ethereum price started a fresh decline and traded below $1,980. ETH is now consolidating below $2,000 and might continue to move down.
- Ethereum remained in a bearish zone after a fresh decline below $2,000.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2,010 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $2,020 zone.
Ethereum Price Extends Decline
Ethereum price failed to remain stable above $2,020 and started a fresh decline, like Bitcoin. ETH price dipped below the $2,010 and $2,000 levels.
The price even traded below $1,980. A low was formed at $1,955, and the price recently attempted a minor recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $2,035 swing high to the $1,955 low.
However, the bears remained active near $2,000. There is also a bearish trend line forming with resistance at $2,010 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,955, the price could attempt another increase. Immediate resistance is seen near the $2,000 level and the 61.8% Fib retracement level of the downward move from the $2,035 swing high to the $1,955 low.
The first key resistance is near the $2,020 level. The next major resistance is near the $2,050 level. A clear move above the $2,050 resistance might send the price toward the $2,080 resistance. An upside break above the $2,080 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 $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,955 level. The first major support sits near the $1,920 zone.
A clear move below the $1,920 support might push the price toward the $1,880 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 – $1,955
Major Resistance Level – $2,020
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