Ethereum price widened its decline by falling below $2,000 and $1,950. $ETH is currently trying to recover from $1,750, but faces a number of hurdles near $2,200.
- Ethereum failed to break above $2,000 and a new decline began.
- The price is trading below $2,000 and the 100 hourly simple moving average.
- On the hourly chart, there is a major bearish trend line forming resistance at $2,200. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,200 zone, the decline could begin again.
Ethereum price falls by more than 15%
Ethereum’s price failed to maintain stability above $2,200, and losses widened, similar to Bitcoin. $ETH The price fell below $2,000 and entered the bearish zone.
The bears pushed the price below $1,880. A low was formed at $1,744 and the price is currently trying to recover. There was a move above $1,850. Price rose above the 23.6% Fib retracement level of the decline from the swing high of $2,341 to the low of $1,744.
Ethereum price is currently trading below $2,000 and the 100 hourly simple moving average. If the bulls sustain action above $1,800, the price could try to move higher. Immediate resistance is seen near the $1,950 level. The first major resistance is near the $2,050 level, which is the 50% Fib retracement level of the decline from the $2,341 swing high to the $1,744 low.
The next major resistance level is near the $2,200 level. There is also a major bearish trend line forming resistance at $2,200 on the hourly chart. $ETH/USD. A clear break above the $2,200 resistance could send the price heading towards the $2,350 resistance. A break above the $2,350 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,550 resistance zone and even $2,665 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the resistance at $2,050, a fresh decline could begin. The first support on the downside is near the $1,850 level. The first major support is located near the $1,800 zone.
A clear move below the $1,800 support could push the price towards the $1,750 support. Any further losses could send the price towards the $1,720 area. The main support could be at $1,680.
technical indicators
Hourly MACD – MACD of $ETH/USD is gaining momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $1,850
High resistance level – $2,200
