The price of Ethereum fell sharply along with Bitcoin. ETH traded below USD 2,000 but still has the key support at USD 1,920 and could attempt another rise.
- Ethereum struggled to clear the USD 2,070 resistance and corrected lower.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,990 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it clears the $2,000 hurdle.
Ethereum price looks fresh
Ethereum price failed to clear the USD 2,070 resistance and responded to the downtrend. ETH fell below the $2,000 support zone after reports of Binance’s settlement, as did Bitcoin.
The bears even pushed the price below the $1,950 support zone and the 100-hourly Simple Moving Average. However, Ether remained above the $1,920 support zone. A low was formed near USD 1,930 and the price is now trying to make a new increase.
Ethereum broke the 23.6% Fib retracement level from the recent decline from the $2,068 swing high to the $1,930 level. However, it is still below $2,000 and the 100-hour Simple Moving Average.
On the upside, the price is facing resistance near the $1,990 zone. There is also a major bearish trendline forming with resistance around $1,990 on the hourly chart of ETH/USD. The first major resistance is near the $2,000 level or the 50% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level.
Source: ETHUSD on TradingView.com
A clear move above the USD 2,000 level could lead to bullish moves. The next resistance is near USD 2,070, above which the price could aim for a move towards the USD 2,120 level. Any further gains could trigger a wave towards the $2,200 level.
Lose more in ETH?
If Ethereum fails to clear the $2,000 resistance, it could trigger another decline. The initial downside support is near the $1,950 level.
The next major support is at USD 1,930 or USD 1,920. The main support is still around $1,905. A downside break below the $1,905 support could lead to more losses. In the mentioned case, Ether could fall towards the $1,820 support zone in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now near the 50 level.
Major support level – $1,930
Major resistance level – $2,000