Ethereum price started a sharp decline below the $2,220 zone. ETH is now consolidating above $2,020 and could target a recovery wave if it rises above $2,110.
- Ethereum started a sharp decline below the $2,200 zone.
- The price is trading below $2,120 and the 100-hourly Simple Moving Average.
- Two bearish trendlines are forming with resistance at $2,120 and $2,165 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,165 resistance.
Ethereum price turns red
The price of Ethereum did not remain above $2,220 and started a new decline, just like Bitcoin. ETH price fell below USD 2,150 and USD 2,120 and entered a bearish zone for the short term.
The price even peaked below $2,050. A low was formed at $2,025, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,385 swing high to the $2,025 low. There are also two bearish trendlines forming with resistance at $2,120 and $2,165 on the hourly chart of ETH/USD.
The Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,025, the price could rise again. Immediate resistance is seen around the $2,080 level.
The first major resistance is near the $2,120 level or the 100-hourly Simple Moving Average. The next major resistance is near the $2,165 level and the second trendline. A clear move above the $2,165 resistance could send the price towards the $2,200 resistance or towards the 50% Fib retracement level of the downward move from the $2,385 swing high to the $2,025 low.
An upside break above the $2,200 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,250 or even USD 2,300 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,120 resistance, it could trigger another decline. The initial downside support is near the $2,040 level. The first major support is near the $2,025 zone.
A clear move below the USD 2,025 support could push the price towards the USD 2,000 support. Any further losses could send the price towards $1,965. The main support could be at USD 1,880.
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 – $2,025
Major resistance level – $2,120