Ethereum price started a new decline and was trading below $2,050. ETH is now consolidating above $2,000 and may have difficulty recovering.
- Ethereum remains in a bearish zone after a fresh drop below $2,080.
- The price is trading below the $2,050 level and the 100 hourly simple moving average.
- There is a downtrend line forming with resistance at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- It is possible that the pair will continue moving lower if it remains below the $2090 area.
Ethereum price enhances losses
Ethereum price failed to remain stable above $2100 and started a new decline, e.g Bitcoin. ETH price fell below the $2080 and $2065 levels.
The price even traded below $2,050. A bottom was formed at $2,009, and the price is now showing several bearish signals and is well below the 23.6% Fibonacci retracement level of the downward move from the $2,138 swing high to the $2,009 low. Additionally, there is a downtrend line forming with resistance at $2,040 on the hourly chart of the ETH/USD pair.
Ethereum price is now trading below $2,030 and 100 hourly simple moving average. If the bulls keep moving above the $2,000 level, the price may try to rise again.
Immediate resistance is emerging near the $2,040 level. The first major resistance is near the $2060 level. The next major resistance is near the $2,090 level or the 61.8% Fib retracement level of the downward move from the $2,138 swing high to the $2,009 low.
A clear move above the $2,090 resistance level could send the price towards the $2,120 resistance level. A bullish break above the $2,120 area may require further gains in the coming days. In the mentioned case, Ether could rise towards the $2,150 or even $2,200 resistance area in the near term.
More downside in ETH?
If Ethereum fails to break above the $2,090 resistance level, it could start a new decline. Initial support on the downside is near the $2,000 level. The first major support is near the $1965 area.
A clear move below the $1,920 support level could push the price towards the $1,880 support level. Any further losses could send the price towards the $1840 area. Major support could be at $1,750.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Main support level – $2000
Major resistance level – $2,090
