Ethereum price found support near USD 1,920 and recouped some losses. ETH is now consolidating and facing significant hurdles near USD 2,020.
- Ethereum is attempting a new recovery wave above $1,965.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $1,955 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 holds support
The price of Ethereum did not stay above $2,020 and started a new decline, just like Bitcoin. ETH price traded below the USD 1,965 and USD 1,950 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 resistance at $1,965. The price even tested the 50% Fib retracement level of the downward move from the $2,100 swing high to the $1,928 low.
The Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average. Furthermore, a bullish trendline is forming with support at $1,955 on the hourly chart of ETH/USD.
If the bulls continue to act above $1,955, the price could rise again. Immediate resistance is seen around the $2,015 level. The first major resistance is near the $2,035 level or the 61.8% Fib retracement level of the downward move from the $2,100 swing high to the $1,928 low.
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 2,100 resistance. An upside break above the $2,100 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 2,015 resistance, it could trigger another decline. The initial downside support is near the $1,965 level. The first major support is near the $1,955 zone or trendline.
A clear move below the USD 1,955 support could push the price towards the USD 1,920 support. Any further losses could send the price towards $1,880. The main support could be at USD 1,825.
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 – $1,920
Major resistance level – $2,015