Ethereum price failed to clear the $2,000 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $1,920 resistance.
- Ethereum started a fresh decline below the key support at $2,000.
- The price is trading below $1,950 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,890 and $1,950 resistance levels to start a decent increase.
Ethereum Price Faces Resistance
Ethereum price started a fresh decline from the $2,020 resistance, similar to the recent trends in Bitcoin. ETH declined below the $2,000 support, entering a bearish zone.
The bearish momentum strengthened, leading to a drop below the $1,820 support level. However, buyers emerged around the $1,750 area, where a low was formed at $1,753. Subsequently, Ethereum began to correct some of its previous losses, managing to move above the $1,780 and $1,850 resistance levels.
The price successfully cleared the 23.6% Fibonacci retracement level of the downward move from the $2,150 swing high to the $1,753 low. Currently, Ethereum is trading below $1,950 and the 100-hourly Simple Moving Average.
On the upside, Ethereum appears to encounter obstacles near the $1,890 level. A short-term bearish trend line is also forming with resistance at this point on the hourly ETH/USD chart. The next notable resistance level is around $1,920.
The primary resistance is positioned at approximately $1,950, aligning with the 50% Fibonacci retracement level from the previous downward wave. A decisive break above the $1,950 resistance could propel the price toward the $2,000 mark.
Should the price break above the $2,000 resistance, it could signal further gains in the upcoming sessions. In this scenario, Ether may rise towards the $2,120 resistance zone, or potentially reach $2,250 in the short term.
Potential for Further Declines in ETH
If Ethereum struggles to surpass the $1,890 resistance, it may face a fresh decline. The initial support on the downside is around the $1,845 level. The first significant support level lies near the $1,800 zone.
A clear break below the $1,800 support could lead to a decline towards the $1,750 support level, with additional losses potentially pushing towards the $1,720 support in the near term. The next critical support rests at $1,650.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is currently below the 50 mark.
Major Support Level: $1,800
Major Resistance Level: $1,890
