The Ethereum price started to fall again and traded below $2,000. ETH is now consolidating and remains at risk of another decline below $1,950.
- Ethereum struggled to extend gains above $2,020 and corrected lower.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,020 zone.
Ethereum price continues to fall
The price of Ethereum did not stay above $2,050 and started a new decline, just like Bitcoin. ETH price traded below the USD 2,020 and USD 2,000 levels to enter a bearish zone.
The pair fell below the 50% Fib retracement level of the upward move from the $1,745 swing low to the $2,169 high. Additionally, a bearish trendline is forming with resistance at $1,980 on the hourly chart of ETH/USD. However, the bulls were active around $1,900.
The Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,900, the price could rise again. Immediate resistance is seen near the $1,960 level and trendline.
The first major resistance is near the USD 2,000 level. The next major resistance is near the $2,020 level. A clear move above the USD 2,020 resistance could send the price towards the USD 2,165 resistance. An upside break above the $2,165 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,250 or even USD 2,280 resistance zone in the short term.
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 $1,920 level. The first major support is near the $1,900 zone or the 61.8% Fib retracement level of the upward move from the $1,745 swing low to the $2,169 high.
A clear move below the USD 1,850 support could push the price towards the USD 1,820 support. Any further losses could send the price towards $1,750. The main support could be at USD 1,720.
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 – $1,900
Major resistance level – $2,020