Ethereum price failed to break out of the $2,200 zone and fell. $ETH It has now consolidated above $2,020 and could struggle to start a wave of recovery.
- Ethereum has started a new decline from the $2,200 zone.
- The price is trading below the 100-hour simple moving average at $2,120.
- On the hourly chart of , there is a major bearish trend line forming resistance at $2,135. $ETH/USD (data feed via Kraken).
- If the pair breaks below the $2,120 resistance level, the pair could start moving lower again.
Ethereum price falls further
The price of Ethereum failed to rise above $2,150 and a new decline began, similar to Bitcoin. $ETH The price fell below $2,120 and $2,080, entering the bearish zone.
The bears even pushed the price towards $2,020. A low was formed at $2,032 and the price is currently consolidating losses near the 23.6% Fib retracement level of the decline from the swing high of $2,199 to the low of $2,032. There is also an important bearish trend line forming resistance at $2,135 on the hourly chart. $ETH/USD.
Ethereum price is currently trading below $2,120 and its 100 hourly simple moving average. If the bulls sustain the action above $2,020, the price may try to move higher. Immediate resistance appears to be near the $2,100 level.
The first major resistance is near the $2,120 level, or the 50% fibritracement level of the decline from the swing high of $2,199 to the low of $2,032. The next major resistance level is near the $2,135 level and trendline. A clear break above the $2,135 resistance could send the price heading towards the $2,200 resistance. A break above the $2,200 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $2,245 resistance zone and even $2,320 in the short term.
more losses will occur $ETH?
If Ethereum fails to break through the $2,135 resistance level, a fresh decline could begin. The first support on the downside is near the $2,050 level. The first major support is located near the $2,020 zone.
A clear move below the $2,020 support could push the price towards the $1,980 support. Any further losses could send the price towards the $1,950 area. The main support could be at $1,880.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bearish zone.
hourly RSI – RSI $ETH/USD is currently below the 50 zone.
Major Support Level – $2,020
Major Resistance Level – $2,135
