The Ethereum price started to fall again and traded below $1,980. ETH is now consolidating below $2,000 and could continue to fall.
- Ethereum remained in a bearish zone after another decline below $2,000.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,010 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,020 zone.
Ethereum price extends decline
The price of Ethereum did not remain stable above $2,020 and, like Bitcoin, started a new decline. ETH price fell below the USD 2,010 and USD 2,000 levels.
The price even traded below $1,980. A low was formed at $1,955, and the price recently made a small recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $2,035 swing high to the $1,955 low.
However, the bears remained active around $2,000. A bearish trendline is also forming with resistance at $2,010 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,955, the price could rise again. Immediate resistance is seen near the $2,000 level and the 61.8% Fib retracement level of the downward move from the $2,035 swing high to the $1,955 low.
The first major resistance is near the $2,020 level. The next major resistance is around the USD 2,050 level. A clear move above the USD 2,050 resistance could send the price towards the USD 2,080 resistance. An upside break above the $2,080 region could call for 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 $2,000 resistance, it could trigger another decline. The initial downside support is near the $1,955 level. The first major support is near the $1,920 zone.
A clear move below the USD 1,920 support could push the price towards the USD 1,880 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 – $1,955
Major resistance level – $2,020