Ethereum underwent a correction after the resistance of $2,000 against the US Dollar. ETH consolidating, and could decline further to $1,810.
- Ethereum experienced a downtrend below the $1950 level.
- The current price trades below $1,950 as well as the simple 100-hour moving average.
- A break was seen below a bullish trend line connecting with the hourly chart. Support is near $1,925. Data feed via Kraken
- If the pivot point is not reached, it could cause further declines.
Ethereum’s Price Drops
Ethereum tried to climb above the $2,000 resistance level a few times. ETH lost its gains and fell below $1,950.
The $1,920 level was clearly broken and there was also a move below the 100 hourly simple moving median. On the hourly chart of Ethereum/USD, it was clear that there was a move below a bullish connecting trend line, with support close to $1,925. Even the $1,900 mark was below which Ether prices dropped.
The price has been consolidating its losses since a low was formed at $1,862. It trades below $1,950 as well as the 100 hourly simple moving mean.
The $1,900 level is a strong resistance to the upside. This is close to the 23.6% Fib level of the decline from $2,030 swing highs to $1,862 lows. It is close to the $1,945 or $1,950 levels.
Source: TradingView.com ETHUSD
Key resistance is found at the $1950 level, which is close to the 50% Fib Retracement level. This level marks the beginning of a steady rise to $2,000. If the price moves above $1,950 it could signal a gradual increase towards $2,000. The price could rise to the $2,080 resistance level if there are additional upsides.
What Are the Losses of ETH More?
It could move lower if it fails to climb above $1,950 resistance. Initial support is located near $1,862 to the downside.
Near $1,850 is the next support. Below that, there’s a chance of a decline towards $1,810. If bears continue to be active, prices could fall as low as $1,720.
Technical Indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is currently below 50 for Ethereum/USD.
Major Support Level – $1,860
Major Resistance Level – $1,950
