The Ethereum price started to fall again and traded below $2,050. ETH is now consolidating above $2,000 and may struggle to recover.
- Ethereum remained in a bearish zone after another decline below $2,080.
- The price is trading below $2,050 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,090 zone.
Ethereum price consolidates losses
The price of Ethereum did not remain stable above $2,100 and, like Bitcoin, started a new decline. ETH price fell below the USD 2,080 and USD 2,065 levels.
The price even traded below $2,050. A low was formed at $2,009, and the price is now showing many bearish signs and is well below the 23.6% Fib retracement level of the downward move from the $2,138 swing high to the $2,009 low. Additionally, a bearish trendline is forming with resistance at $2,040 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,030 and the 100-hourly Simple Moving Average. If the bulls continue to act above $2,000, the price may try to rise again.
Immediate resistance is seen around the $2,040 level. The first major resistance is near the $2,060 level. The next major resistance is near the $2,090 level or the 61.8% Fib retracement level of the downward move from the $2,138 swing high to the $2,009 low.
A clear move above the USD 2,090 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 2,150 or even USD 2,200 resistance zone in the short term.
More disadvantages of ETH?
If Ethereum fails to clear the USD 2,090 resistance, it could trigger another decline. The initial downside support is near the $2,000 level. The first major support is near the $1,965 zone.
A clear move below the USD 1,920 support could push the price towards the USD 1,880 support. Any further losses could send the price towards $1,840. 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 – $2,000
Major resistance level – $2,090