The Ethereum price started to fall again and traded below $2,120. ETH is now consolidating above $2,050 and may struggle to recover.
- Ethereum remained in a bearish zone after a sharp decline.
- The price is trading below $2,165 and the 100-hourly Simple Moving Average.
- A connecting trendline is forming with support at $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,200 zone.
Ethereum price consolidates losses
Ethereum’s price failed to hold steady above $2,200 and started a downward correction, just like Bitcoin. ETH price fell below the USD 2,165 and USD 2,150 levels.
The price even traded below $2,020. A low was formed at $1,914 on Kraken, and the price is now trying to recoup most of the losses. There was a recovery wave above the 61.8% Fib retracement level of the downward move from the $2,198 swing high to the $1,914 low.
Ethereum price is now trading below $2,165 and the 100-hourly Simple Moving Average. Furthermore, a connecting trendline is forming with support at $2,020 on the hourly chart of ETH/USD.
If the bulls continue in action above $2,020, the price may attempt to rise again. Immediate resistance is seen near the $2,150 level or the 83.2% Fib retracement level of the downward move from the $2,198 swing high to the $1,914 low. The first major resistance is around the $2,175 level.
The next major resistance is around the $2,200 level. A clear move above the USD 2,200 resistance could send the price towards the USD 2,250 resistance. An upside break above the $2,250 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,320 or even USD 2,350 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,150 resistance, it could trigger another decline. The initial downside support is near the $2,090 level. The first major support is near the $2,050 zone.
A clear move below the USD 2,050 support could push the price towards the USD 2,020 support. Any further losses could send the price towards $1,940. The main support could be at USD 1,920.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,020
Major resistance level – $2,190