Ethereum fell against the US Dollar after failing to break the $2,085 resistance. To see a new increase, ETH should remain above $1920.
- Ethereum could not clear resistance levels at $2,085/$2,100.
- The current price trades below $2,000, and the simple moving average is 100 hours.
- A break was seen below a bullish trend line, with support close to $2,000 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- This could allow the pair to continue falling towards the $1,920 support area.
Ethereum price trades below $2K
Ethereum tried to overcome the $2,085 resistance level and the $2,100 support levels. ETH was unable to build strength, and it reached a temporary peak at the $2,085 resistance level.
Below the $2,050 resistance level there was a bearish response. A break was seen below the key bullish trendline with support close to $2,000 in the hourly chart of Ethereum/USD. A move below 50% Fib retracement of the upward swing from $1920 swing low to $2085 high occurred.
Ether is trading at below $2,000 as of today. This price also falls below the simple moving average 100 hours per hour. The 76.4% Fib Retracement Level of the upward swing from $1920 swing low to 2,085 high was even reached by Ether.
The $1,980 mark is where the price is consolidating. Near the $2,000 mark and the 100-hourly simple moving average is the first significant resistance. At the moment, resistance lies near $2,085. An increase of at least 5% could be possible if the level is close to $2,085
Source: TradingView.com, ETHUSD
If the above is true, the price could rise to the $2,150 level. Any further gains could push it toward the $2,200 key resistance zone.
What Are the Losses of ETH More?
The $2,000 resistance could be broken and ethereum may continue its downward slide. The $1,960 area is the initial support for the downside.
Near the $1920 level is the next support. An attempt to close below the $1920 level could trigger a downtrend. The price may plunge towards $1,900 in this scenario. Near the $1800 and $1780 levels, there could be a major support in the near future.
Technical indicators
Minutely MACD – MACD of ETH/USD has lost momentum and is currently in the bearish zone.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $1,920
Major Resistance Level – $2,085
