Ethereum failed to surpass the $2,000 resistance level against the US dollar. Although Ethereum is in decline, it remains above the $1,920 key support zone.
- Ethereum has shown some bearish signals below the $2,000 mark.
- The 100-hourly moving average and price are now below $2,000
- A major bearish trendline is emerging with resistance close to $1,970 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair moves below $1,920 support area, it could drop sharply.
Ethereum price settles below $2K
Ethereum rose above the $1950 resistance level and the 100-hourly simple moving average. Major gains were however protected by the bears above the $2,000 key zone.
From the swing high of $2,020, the price began a new decline. Clear movement below $1,980 and $1,950 was evident. Ether trades below $1,980 and below the 100-hourly simple moving average. An area of low trading is found near $1.931; the price is consolidating losses.
Surprisingly, the initial resistance level is at $1,950. The Fib retracement level at 23.6% of the recent fall from the $2,000.020 swing high and the $1.931 low is nearby.
Near the $1,970 mark is the next major resistance. A major bearish trendline is also emerging with resistance close to $1,970 in the hourly chart. This trend line lies close to the 50% Fib Retracement level for the decline from $2,020 swing highs to $1,931 lows.
Source: TradingView.com, ETHUSD
Main resistance has formed near the $2,000 threshold. The doors to a steady rise could be opened if the price closes above $2,000 The above scenario could lead to a rise in the price towards $2,085 as resistance. It could be that any more gains will push it toward the $2,200 key resistance zone.
What Are the Losses of ETH More?
It could move lower if it fails to overcome the $2,000 resistance. Initial support is located near $1,930.
Next major support will be near $1,920. The downside breakout below $1,920 could lead to a steep decline. The price may plunge towards $1,850 in the above scenario. A move towards $1,800 may be necessary if there are more losses.
Technical Indicators
Minutely MACD – MACD of ETH/USD has lost momentum and is currently in the bearish zone.
Hourly RSI – The current RSI level for Ethereum/USD is at 50.
Major Support Level – $1,920
Major Resistance Level – $2,000
