Ethereum price fell from $2,130. ETH is showing some signs of weakness and may fall towards the $1,920 support area.
- Ethereum is slowly falling below the $2,060 area.
- The price is trading below $2,060 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $2,040.
- The pair may continue to decline towards the $1,920 support zone.
Ethereum price decline continues
Ethereum price began a new decline after struggling near $2,130. ETH hit a high of $2,132 and then began a decline. Like Bitcoin, it moved below the $2,100 and $2,080 levels.
The price surged below the $2,000 support level. A low was formed near $1,986 and the price is currently consolidating losses. There was a small recovery above the $2,020 level. Ethereum recently broke above the 23.6% Fib retracement level of the decline from the $2,132 swing high to the $1,986 low.
Ethereum is currently trading below $2,060 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $2,040. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,040.
The first major resistance is near the $2,060 level or the 50% Fib retracement level of the recent decline from the $2,132 swing high to the $1,986 low. The next resistance level is $2,100. A clear break above the $2,100 level could lead the price towards the $2,135 resistance area.
Source: ETHUSD on TradingView.com
The next resistance level is near $2,150, if it breaks above it could target an advance towards the $2,200 level. Any more gains could start a wave towards the $2,250 level.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,040 resistance, a new downtrend could begin. Initial support for the downside is near the $2,000 level.
The next major support is at $1,985. A break below $1,985 could push Ether towards the $1,920 support. Key support is currently at $1,885, below which there is a risk of a decline towards the $1,820 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $1,985
Key Resistance Level – $2,040