Ethereum price failed to clear the $2,120 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $2,000 resistance.
- Ethereum started a fresh decline below the key support at $2,000.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,880 and $1,950 resistance levels to start a decent increase.
Ethereum Price Dips Further
Ethereum price started a fresh decline from the $2,120 resistance, similar to Bitcoin. ETH declined below the $2,000 support to enter a bearish zone.
The bears gained strength for a move below the $1,880 support. Finally, the bulls appeared near the $1,750 zone. A low was formed at $1,753, and the price is now attempting a recovery wave. There was a move above the $1,800 and $1,820 resistance levels.
It cleared the 23.6% Fib retracement level of the downward move from the $2,152 swing high to the $1,753 low. Ethereum price is now trading below $2,000 and below the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $1,880 level. There is also a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level.
The 50% Fib retracement level of the downward move from the $2,152 swing high to the $1,753 low is also near the $1,950 level. The first major resistance is near the $2,000 level. A clear move above the $2,000 resistance might send the price toward the $2,120 resistance.
An upside break above the $2,120 resistance might call for more gains in the coming sessions. In such a case, Ether could rise toward the $2,250 resistance zone or even $2,350 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,750 zone.
A clear move below the $1,750 support might push the price toward the $1,680 support. Any further losses might send the price toward the $1,620 support level in the near term. The next key support is at $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,750
Major Resistance Level – $1,880
