Ethereum price struggled above $2,100. ETH is now moving lower and could continue falling towards the $1,930 support in the short term.
- Ethereum is consolidating and facing resistance near the $2,060 zone.
- The price is trading below $2,080 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $2,065 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it breaks the $2,035 support zone.
Ethereum price drops again
Ethereum price tried to rise again above the USD 2,080 resistance zone. ETH even peaked above the $2,120 resistance zone, just like Bitcoin. However, the bears were active above $2,120.
A high was formed around $2,132 before the price started falling again. There was a move below the USD 2,080 level. A low is formed near USD 2,037 and the price is now consolidating losses. It is struggling below the 23.6% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low.
Ethereum is now trading below $2,080 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,065 zone. There is also a major bearish trendline forming with resistance around $2,065 on the hourly chart of ETH/USD.
The first major resistance is near the $2,100 level or the 61.8% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. A clear move above the USD 2,100 level could send the price towards the USD 2,120 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,135, above which the price could aim for a move towards the USD 2,200 level. Any further gains could trigger a wave towards the $2,250 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,080 resistance, it could trigger another decline. The initial downside support is near the $2,035 level.
The next major support is $2,000. A downside break below $2,000 could send Ether towards the $1,930 support. The main support is now at USD 1,900, below which there is a risk of a move towards the USD 1,840 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $2,035
Major resistance level – $2,080