Ethereum price struggled above $2,100. ETH is currently in a downward trend and may continue to fall towards the $1,930 support in the near term.
- Ethereum is consolidating and facing resistance near the $2,060 area.
- The price is trading below $2,080 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 $2,065.
- A break above the $2,035 support zone could lead the pair to continue falling.
Ethereum price falls again
Ethereum price attempted a new rise above the $2,080 resistance zone. ETH, like Bitcoin, also surged above the $2,120 resistance zone. However, the bears were active above $2,120.
A high was made near $2,132 before the price began a new decline. There was a move below the $2,080 level. A low was formed near $2,037 and the price is currently consolidating losses. It is struggling below the 23.6% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low.
Ethereum is currently trading below $2,080 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $2,065. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,065.
The first major resistance is near the $2,100 level, i.e. the 61.8% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. A clear break above the $2,100 level could lead the price towards the $2,120 resistance area.
Source: ETHUSD on TradingView.com
The next resistance level is near $2,135, 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 $2,080 resistance, it could begin a new downtrend. Initial support for the downside is near the $2,035 level.
The next major support is $2,000. A decline below $2,000 could lead Ether towards the $1,930 support level. Key support is currently at $1,900, below which there is a risk of a decline towards the $1,840 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $2,035
Key Resistance Level – $2,080