The price of Ethereum started a new decline below $2,000. ETH is now correcting gains above $1,920 and could fall further in the near term.
- Ethereum started a downward correction below the $2,020 zone.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,000 zone.
Ethereum price continues to fall
Ethereum’s price started to fall again after it failed to stay above $2,020 like Bitcoin. The ETH price fell below $2,000 and entered a bearish zone.
Additionally, there was a break below a key bullish trendline with support at $2,020 on the hourly chart of ETH/USD. The pair even fell below $1,920. A low was formed at $1,912, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low.
Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,920, the price could rise again. Immediate resistance is seen around the $1,980 level.
The first major resistance is near the $2,020 level. The next major resistance is near the $2,050 level or the 50% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low. A clear move above the USD 2,050 resistance could send the price towards the USD 2,120 resistance. An upside break above the $2,120 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,200 or even USD 2,250 resistance zone in the short term.
Lose more in ETH?
If Ethereum fails to clear the USD 2,020 resistance, it could trigger another decline. The initial downside support is near the $1,920 level. The first major support is near the $1,880 zone.
A clear move below the USD 1,880 support could push the price towards the USD 1,850 support. Any further losses could send the price towards USD 1,810. Key support could be at $1,750.
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 – $1,920
Major resistance level – $2,020