Ethereum price failed to stay above $2,120 and extended losses. ETH is now struggling to stay above $2,040 and could potentially fall further in the near term.
- Ethereum started a new decline from the $2,150 zone.
- The price is trading below $2,120 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trendline with support at $2,075 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the USD 2,120 resistance.
Ethereum price continues to fall
The price of Ethereum did not remain above $2,120 and started a new decline, just like Bitcoin. ETH price fell below USD 2,075 and USD 2,050 to enter a bearish zone.
There was a break below a bullish trendline with support at $2,075 on the hourly chart of ETH/USD. The price was trading as low as $2,016. It recently corrected some losses and traded above the 23.6% Fib retracement level of the downward move from the $2,167 swing high to the $2,016 low. However, the bears remained active near the USD 2,075 resistance zone.
Ethereum price is now trading below $2,065 and the 100-hourly Simple Moving Average. If the bulls continue in action above $2,020, the price may attempt to rise again. Immediate resistance is seen around the $2,075 level.
The first major resistance is near the $2,100 level or the 50% Fib retracement level of the downward move from the $2,167 swing high to the $2,016 low. The next major resistance is around the $2,120 level. A clear move above the USD 2,120 resistance could send the price towards the USD 2,150 resistance. An upside break above the $2,150 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,220 or even USD 2,250 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,075 resistance, it could trigger another decline. The initial downside support is near the USD 2,020 level. The first major support is near the $2,000 zone.
A clear move below the USD 2,000 support could push the price towards the USD 1,980 support. Any further losses could send the price towards $1,965. The main support could be at USD 1,920.
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 – $2,020
Major resistance level – $2,120