Ethereum price adjusted below $2,050. ETH is currently consolidating above the $2,020 support and could start a fresh increase in the near future.
- Ethereum is still struggling to break above the $2,075 and $2,080 resistance levels.
- The price is trading below $2,050 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $2,040.
- A break above the 100-hour simple moving average and then $2,075 would provide bullish momentum.
Ethereum price adjustment profit
Ethereum price struggled to break the $2,075 resistance zone. The bears took control and pushed ETH below the $2,050 level. However, Bitcoin remained above the $37,550 support zone.
ETH traded below the 50% Fib retracement level, rising from the $1,986 swing low to the $2,076 high. Additionally, a break occurred below the main bullish trendline supporting $2,040 on the ETH/USD hourly chart.
Ethereum is currently trading below $2,050 and the 100-hour simple moving average. It is now consolidating above the $2,020 support area. On the other hand, the price is finding resistance near the $2,00 area and the 100-hour simple moving average.
The first major resistance is near the $2,075 level. The next resistance level is $2,090. A clear break above the $2,090 level could lead the price towards the $2,130 resistance area.
Source: ETHUSD on TradingView.com
The next resistance level is near $2,200, if it breaks above it could target an advance towards the $2,250 level. Any more gains could start a wave towards the $2,320 level.
Will there be more losses in ETH?
If Ethereum fails to clear the $2,050 resistance, it may continue to fall. Initial support for the downside is near the $2,020 level. The next major support is $2,000.
A break below $2,000 could begin a steady decline. The key support level is currently at $1,930, and a break below this level risks a near-term decline towards the $1,880 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,020
Key Resistance Level – $2,075