Ethereum price found support near $1,922 and recouped some losses. ETH is now consolidating and facing significant hurdles around $2,000.
- Ethereum is attempting another recovery wave above $1,960.
- The price is trading below $1,985 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,000 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 revisits support
The price of Ethereum did not stay above $2,000 and started a new decline, just like Bitcoin. ETH price traded below the USD 1,960 and USD 1,950 levels to enter a bearish zone.
Finally, the bulls appeared around $1,920. A low was formed at $1,922, and the price started a recovery wave. There was a move above the USD 1,950 resistance. The price surpassed the 38.2% Fib retracement level of the downward move from the $2,038 swing high to the $1,922 low.
Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,925, the price could rise again. Immediate resistance is seen around the $1,980 level. The first major resistance is near the $2,000 level or the 61.8% Fib retracement level of the downward move from the $2,038 swing high to the $1,922 low.
A bearish trendline is also forming with resistance at $2,000 on the hourly chart of ETH/USD. 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 2,050 resistance. An upside break above the $2,050 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.
Another drop in ETH?
If Ethereum fails to clear the $2,000 resistance, it could trigger another decline. The initial downside support is near the $1,935 level. The first major support is near the $1,925 zone.
A clear move below the USD 1,925 support could push the price towards the USD 1,880 support. Any further losses could send the price towards $1,840. The main support could be at USD 1,820.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $1,920
Major resistance level – $2,000