The Ethereum price started to fall again and traded below $2,050. ETH is now consolidating below $2,150 and may struggle to recover.
- Ethereum started a downward extension below the $2,150 zone.
- The price is trading below $2,150 and the 100-hourly Simple Moving Average.
- A connecting trendline is forming with support at $2,050 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,150 zone.
Ethereum price extends losses
Ethereum’s price failed to hold steady above $2,220 and started a downward correction, just like Bitcoin. ETH price fell below the USD 2,200 and USD 2,150 levels.
The price even traded below $2,050. A low was formed at $1,914 on Kraken, and the price is now consolidating losses. There was a recovery wave above the 50% Fib retracement level of the downward move from the $2,197 swing high to the $1,914 low.
Ethereum price is now trading below $2,150 and the 100-hourly Simple Moving Average. Furthermore, a connecting trendline is forming with support at $2,050 on the hourly chart of ETH/USD.
If the bulls continue to act above $2,050, the price could rise again. Immediate resistance is seen around the $2,130 level. The first major resistance is near the $2,150 level or the 76.4% Fib retracement level of the downward move from the $2,197 swing high to the $1,914 low.
The next major resistance is around the $2,200 level. A clear move above the USD 2,200 resistance could send the price towards the USD 2,250 resistance. An upside break above the $2,250 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,300 or even USD 2,320 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 2,150 resistance, it could trigger another decline. The initial downside support is near the $2,085 level. The first major support is near the $2,050 zone.
A clear move below the USD 2,050 support could push the price towards the USD 2,000 support. Any further losses could send the price towards USD 1,920. 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 – $2,050
Major resistance level – $2,150