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