Ethereum price found support near $1,920 and recovered some losses. ETH is currently consolidating and faces a major hurdle near $2,020.
- Ethereum is attempting a new recovery above $1,965.
- 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 bullish trendline forming with support at $1,955.
- If it stays below the $2,020 area, the pair could begin a fresh decline.
Ethereum price maintains support
Ethereum price failed to stay above $2,020 and began a new downward trend like Bitcoin. ETH price entered bearish territory, trading below the $1,965 and $1,950 levels.
Finally, the bull appeared near $1,925. The low was reached at $1,928 and the price began to recover. There was a move above the $1,965 resistance level. Price also tested the 50% Fib retracement level moving down from the $2,100 swing high to the $1,928 low.
Ethereum price is currently trading below $2,000 and the 100-hour simple moving average. Additionally, there is a bullish trend line supporting $1,955 on the hourly chart of ETH/USD.
If the uptrend continues above $1,955, the price could attempt another rally. Immediate resistance appears near the $2,015 level. The first major resistance is near the $2,035 level or the 61.8% Fib retracement level for a downside move from the $2,100 swing high to the $1,928 low.
The next major resistance is near the $2,060 level. A clear break above the $2,060 resistance level could push the price towards the $2,100 resistance level. A rally above the $2,100 region could lead to further gains in the coming days. If indicated, Ethereum could rise to the $2,150 resistance zone or $2,185 in the near term.
Another decline in ETH?
If Ethereum fails to clear the $2,015 resistance, it could begin a new downtrend. Initial support for the downside is near the $1,965 level. The first major support is near the $1,955 zone or trend line.
A clear move below the $1,955 support could push the price towards the $1,920 support. Any more losses could push the price towards the $1,880 region. The main assistance amount could be $1,825.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $1,920
Key Resistance Level – $2,015