Ethereum price found support near $1,922, recovering some of its losses. $ETH The price is currently consolidating and faces a key hurdle around $2,000.
- Ethereum is attempting a new wave of recovery above $1,960.
- The price is trading below the 100-hour simple moving average at $1,985.
- On the hourly chart of , there is a bearish trend line forming resistance at $2,000. $ETH/USD (data feed via Kraken).
- If the price remains below the $2,000 zone, the decline could begin again.
Ethereum price revisits support
The price of Ethereum failed to rise above $2,000 and a new decline began, similar to Bitcoin. $ETH The price fell below the $1,960 and $1,950 levels and entered the bearish zone.
The bulls finally emerged around $1,920. A low was formed at $1,922 and the price started a recovery wave. There was a move above the $1,950 resistance level. Price rose above the 38.2% Fib retracement level of the decline from the swing high of $2,038 to the low of $1,922.
Ethereum price is currently trading below $1,980 and its 100 hourly simple moving average. If the bulls sustain the action above $1,925, the price could try to move higher. Immediate resistance is seen near the $1,980 level. The first major resistance is near the $2,000 level, or the 61.8% fibritracement level of the decline from the swing high of $2,038 to the low of $1,922.
There is also a bearish trend line forming resistance at $2,000 on the hourly chart. $ETH/USD. The next major resistance level is near the $2,020 level. A clear break above the $2,020 resistance could send the price towards the $2,050 resistance. A break above the $2,050 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 decline $ETH?
If Ethereum fails to break through the $2,000 resistance, a fresh decline could begin. The first support on the downside is near the $1,935 level. The first major support is located near the $1,925 zone.
A clear move below the $1,925 support could push the price towards the $1,880 support. Any further losses could send the price towards the $1,840 area. The main support could be at $1,820.
technical indicators
Hourly MACD – MACD of $ETH/USD is losing momentum in the bullish zone.
hourly RSI – RSI $ETH/USD is currently near the 50 zone.
Major Support Level – $1,920
High resistance level – $2,000
