Ethereum price began a new decline, trading below $2,000. $ETH It is currently stable around $2,000 and may continue to fall.
- Ethereum remained in the bearish zone after a fresh decline below $2,010.
- The price is trading below the 100-hour simple moving average at $2,010.
- On the hourly chart, the price has broken below the bullish trend line with support at $2,015. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,050 zone, the decline could continue.
Ethereum price remains at risk of further decline
Ethereum price failed to maintain stability above $2,040 and a new decline began, similar to Bitcoin. $ETH The price fell below the $2,020 and $2,010 levels.
The price traded below $1,985. A low was formed at $1,965, and the price has recently attempted a small recovery wave. There was a move above the 23.6% Fib retracement level of the decline from the swing high of $2,140 to the low of $1,965.
However, the bears remained active near $2,040. Prices fell below $2,020 again. On the hourly chart, the price has broken below the bullish trend line with support at $2,015. $ETH/USD.
Ethereum price is currently trading below $2,010 and its 100 hourly simple moving average. If the bulls sustain the action above $1,980, the price could try to move higher. Immediate resistance is seen near the $2,020 level. The first major resistance level is near the $2,030 level.
The next major resistance level is near the $2,050 level, or the 50% fib retracement level of the decline from the swing high of $2,140 to the low of $1,965. A clear break above the $2,050 resistance could send the price heading towards the $2,085 resistance. A break above the $2,085 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,120 resistance zone and even $2,150 in the short term.
Further downside in $ETH?
If Ethereum fails to break through the resistance at $2,050, a fresh decline could begin. Initial support on the downside is near the $1,980 level. The first major support is located near the $1,965 zone.
A clear move below the $1,965 support could push the price towards the $1,920 support. Any further losses could send the price towards the $1,850 area. The main support could be at $1,780.
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 – $1,980
Major Resistance Level – $2,050
