Ethereum price began a new decline, trading below $2,050. ETH is currently consolidating above $2,000 and may struggle to recover.
Ethereum remained in the bearish zone after a fresh drop below $2,080. The price is trading below $2,050 and the 100 hourly simple moving average. The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line forming with resistance at $2,040. If the price remains below the $2,090 zone, the decline may continue.
Losses widen in Ethereum price
Ethereum price failed to maintain stability above $2,100 and a new decline began, similar to Bitcoin. ETH price fell below the $2,080 and $2,065 levels.
Prices traded below $2,050. The low formed at $2,009, and the price is currently showing many bearish signs, staying well below the 23.6% Fib retracement level of the decline from the swing high of $2,138 to the low of $2,009. Additionally, a bearish trend line has formed on the hourly chart of ETH/USD with resistance at $2,040.
Ethereum price is currently trading below $2,030 and its 100 hourly simple moving average. If the bulls sustain the action above $2,000, the price could try to move higher.
Immediate resistance appears to be around $2,040. The first major resistance level is near the $2,060 level. The next major resistance level is near the $2,090 level, or the 61.8% fibritracement level of the decline from the swing high of $2,138 to the low of $2,009.
A clear break above the $2,090 resistance could send the price towards the $2,120 resistance. A break above the $2,120 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,150 resistance zone and even $2,200 in the short term.
Further decline in ETH?
If Ethereum fails to break through the $2,090 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,000 level. The first major support is located near the $1,965 zone.
A clear move below the $1,920 support could push the price towards the $1,880 support. Any further losses could send the price towards the $1,840 area. The main support could be at $1,750.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Major Support Level – $2,000
High resistance level – $2,090
