The Ethereum price started to fall again and traded below $2,000. ETH is now consolidating and remains at risk of another decline below $1,940.
- Ethereum struggled to extend gains above $2,050 and corrected lower.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $2,035 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,000 zone.
Ethereum price drops again
The price of Ethereum did not stay above $2,050 and started a new decline, just like Bitcoin. ETH price traded below the USD 2,040 and USD 2,020 levels to enter a bearish zone.
The pair fell below the 50% Fib retracement level of the upward move from the $1,895 swing low to the $2,106 high. Additionally, there was a break below a bullish trendline with support at $2,035 on the hourly chart of ETH/USD. The bears even pushed the price towards the USD 1,950 support.
Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,920, the price could rise again. Immediate resistance is seen around the $1,980 level.
The first major resistance is near the USD 2,000 level. The next major resistance is around the $2,025 level. A clear move above the USD 2,025 resistance could send the price towards the USD 2,045 resistance. An upside break above the $2,045 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,120 or even USD 2,150 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 $1,945 level. The first major support is near the $1,930 zone or the 83.2% Fib retracement level of the upward move from the $1,895 swing low to the $2,106 high.
A clear move below the USD 1,930 support could push the price towards the USD 1,880 support. Any further losses could send the price towards $1,820. The main support could be at USD 1,780.
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 – $1,930
Major resistance level – $2,000