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Home»EXCHANGE NEWS»Ethereum Bears Continue Pressure and Why ETH Price Could Revisit This Key Support
EXCHANGE NEWS

Ethereum Bears Continue Pressure and Why ETH Price Could Revisit This Key Support

By Crypto FlexsNovember 29, 20232 Mins Read
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Ethereum Bears Continue Pressure and Why ETH Price Could Revisit This Key Support
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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.

Ethereum price chart

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

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