Ethereum price extended its decline below $2,000 and $1,950. ETH is now trying to recover from USD 1,750 but faces many hurdles near USD 2,200.
- Ethereum failed to stay above $2,000 and started a new decline.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,200 zone.
Ethereum Price Drops More Than 15%
Ethereum’s price failed to hold steady above $2,200 and extended losses, just like Bitcoin. ETH price traded below $2,000 and entered a bearish zone.
The bears even pushed the price below $1,880. A low was formed at $1,744 and the price is now trying to recover. There was a move above $1,850. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,341 swing high to the $1,744 low.
The Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,800, the price could rise again. Immediate resistance is seen around the $1,950 level. The first major resistance is near the $2,050 level and the 50% Fib retracement level of the downward move from the $2,341 swing high to the $1,744 low.
The next major resistance is around the $2,200 level. There is also a major bearish trendline forming with resistance at $2,200 on the hourly chart of ETH/USD. A clear move above the USD 2,200 resistance could send the price towards the USD 2,350 resistance. An upside break above the $2,350 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,550 or even USD 2,665 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,050 resistance, it could trigger another decline. The initial downside support is near the $1,850 level. The first major support is near the $1,800 zone.
A clear move below the USD 1,800 support could push the price towards the USD 1,750 support. Any further losses could send the price towards $1,720. The main support could be at USD 1,680.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $1,850
Major resistance level – $2,200