Ethereum price has started a wave of recovery above $2,000. $ETH The price is currently consolidating, and the risk of further decline below $1,980 remains.
- Ethereum struggled to extend its gains above $2,120 and corrected lower.
- The price is trading below $2,050 and the 100 hourly simple moving average.
- On the hourly chart of , there is a contracting triangle forming resistance at $2,040. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,120 zone, the decline could begin again.
Ethereum price falls again
Ethereum price managed to form a base above $1,950 and a recovery wave began, similar to Bitcoin. $ETH The price traded above the $1,980 and $2,020 resistance levels.
The pair soared above $2,140. A high was formed at $2,168 and the price is currently falling. There was a drop below $2,050. Price tested the 38.2% Fib retracement level of the upward movement from the swing low of $1,745 to the high of $2,168.
Ethereum price is currently trading below $2,050 and its 100-hour simple moving average. If the bulls sustain the action above $2,000, the price could try to move higher. Immediate resistance is seen near the $2,050 level. Also, on the hourly chart, resistance has formed at $2,040, forming a contracting triangle. $ETH/USD.
The first major resistance level is near the $2,065 level. The next major resistance level is near the $2,120 level. A clear break above the $2,120 resistance could send the price heading towards the $2,165 resistance. A break above the $2,165 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,250 resistance zone and even $2,280 in the short term.
another drop in $ETH?
If Ethereum fails to break through the $2,065 resistance level, a fresh decline could begin. Initial support on the downside is near the $2,000 level. The first major support lies near the $1,950 zone, or the 50% Fib retracement level of the swing low of $1,745 to the high of $2,168.
A clear move below the $1,950 support could push the price towards the $1,900 support. Any further losses could send the price towards the $1,850 area. The main support could be at $1,820.
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 – $2,000
Major Resistance Level – $2,065
