Ethereum price started to rise again but failed near USD 2,080. ETH is now correcting gains and could fall further below $1,920.
- Ethereum started a downward correction from the $2,080 zone.
- The price is trading below $1,950 and the 100-hourly Simple Moving Average.
- A major ascending channel is forming with support at $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $2,050 zone.
Ethereum price drops in support
Ethereum price tried to make a new rise above the USD 2,000 resistance, just like Bitcoin. ETH price rose above the USD 2,020 and USD 2,050 resistance levels.
The bulls even pumped the price above $2,080. It peaked at $2,089 before a downward correction occurred. The price fell below the $2,000 and the 50% Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high.
Ethereum price is now trading above $1,960 and the 100-hourly Simple Moving Average. A key ascending channel is also forming with support at $1,960 on the hourly chart of ETH/USD.
If the bulls continue to act above $1,920, the price could rise again. Immediate resistance is seen around the $2,020 level. The first major resistance is near the $2,050 level. The next major resistance is near the $2,080 level. A clear move above the USD 2,080 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 2,220 resistance zone in the short term.
Disadvantage of pause in ETH?
If Ethereum fails to clear the USD 2,050 resistance, it could trigger another decline. The initial downside support is near the $1,960 level. The first major support is near the $1,932 zone or the 61.8% Fib retracement level of the upward move from the $1,835 swing low to the $2,089 high.
A clear move below the USD 1,932 support could push the price towards the USD 1,895 support. Any further losses could send the price towards $1,850. The main support could be at USD 1,820.
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 – $1,932
Major resistance level – $2,050