The price of Ethereum fell sharply along with Bitcoin. ETH has been trading below $2,000, but still holds key support at $1,920 and may attempt a fresh rally higher.
- Ethereum struggled to clear the $2,070 resistance level and corrected its downward trend.
- The price is trading below $2,000 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 $1,990.
- Once the $2,000 hurdle is overcome, the currency pair could start a new increase.
Ethereum Price Eyes Fresh Increase
Ethereum price failed to resolve the resistance of $2,070 and reacted downward. ETH fell below the $2,000 support zone after Binance reported a Bitcoin-like settlement.
The decline even pushed the price below the $1,950 support zone and the 100-hourly simple moving average. However, Ether remained above the $1,920 support zone. A low was made around $1,930 and the price is currently attempting a new rise.
Ethereum recently broke through the 23.6% Fib retracement level, falling from the $2,068 swing high to the $1,930 level. However, it is still below $2,000 and the 100-hour simple moving average.
Meanwhile, the price is finding resistance near $1,990. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $1,990. The first major resistance is near the $2,000 level or the 50% Fib retracement level down from the recent $2,068 swing high towards the $1,930 level.
Source: ETHUSD on TradingView.com
A clear move above the $2,000 level could trigger a bullish move. The next resistance level is near $2,070, if it breaks above it could target an advance towards the $2,120 level. Any more gains could start a wave towards the $2,200 level.
Will there be more losses in ETH?
If Ethereum fails to clear $2,000 resistance, a new downtrend could begin. Initial support for the downside is near the $1,950 level.
The next major support levels are $1,930 or $1,920. Key support is still close to $1,905. A decline below the $1,905 support could result in further losses. If indicated, Ethereum may decline towards the $1,820 support area in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now close to the 50 level.
Key Support Level – $1,930
Key Resistance Level – $2,000