The Ethereum price started to fall again and traded below $2,000. ETH is now consolidating near $2,000 and could continue to fall.
- Ethereum remained in a bearish zone after another decline below $2,010.
- The price is trading below $2,010 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $2,015 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,050 zone.
Ethereum price remains at risk of more downside pressure
The price of Ethereum failed to hold steady above $2,040 and, like Bitcoin, started a new decline. ETH price fell below the USD 2,020 and USD 2,010 levels.
The price even traded below $1,985. A low was formed at $1,965, and the price recently made a small recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $2,140 swing high to the $1,965 low.
However, the bears remained active around $2,040. The price fell again below $2,020. There was a break below a bullish trendline with support at $2,015 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,010 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,980, the price could rise again. Immediate resistance is seen around the $2,020 level. The first major resistance is near the $2,030 level.
The next major resistance is near the $2,050 level or the 50% Fib retracement level of the downward move from the $2,140 swing high to the $1,965 low. A clear move above the USD 2,050 resistance could send the price towards the USD 2,085 resistance. An upside break above the $2,085 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.
More disadvantages of ETH?
If Ethereum fails to clear the USD 2,050 resistance, it could trigger another decline. The initial downside support is near the $1,980 level. The first major support is near the $1,965 zone.
A clear move below the USD 1,965 support could push the price towards the USD 1,920 support. Any further losses could send the price towards $1,850. 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 – $1,980
Major resistance level – $2,050