Ethereum price found support near USD 1,928 and recouped some losses. ETH is now consolidating and facing significant hurdles near USD 2,020.
- Ethereum is attempting another recovery wave above $1,950.
- The price is trading below $2,020 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $1,950 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 faces resistance
The price of Ethereum did not stay above $2,000 and started a new decline, just like Bitcoin. ETH price traded below the USD 1,950 and USD 1,940 levels to enter a bearish zone.
Finally, the bulls appeared around $1,925. A low was formed at $1,928, and the price started a recovery wave. There was a move above the USD 1,950 resistance. The price even spiked above the 38.2% Fib retracement level of the downward move from the $2,101 swing high to the $1,928 low.
Ethereum price is now trading below $2,020 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,950, the price could rise again. Immediate resistance is seen near the $2,020 level or the 50% Fib retracement level of the downward move from the $2,101 swing high to the $1,928 low.
The first major resistance is near the $2,035 level. The next major resistance is around the $2,060 level. A clear move above the USD 2,060 resistance could send the price towards the USD 2,120 resistance. An upside break above the $2,120 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,150 or even USD 2,185 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,020 resistance, it could trigger another decline. The initial downside support is near the $1,970 level. The first major support is near the $1,940 zone or trendline.
A clear move below the USD 1,940 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 bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $1,940
Major resistance level – $2,020