Ethereum price started a fresh decline and traded below $2,050. ETH is now consolidating above $2,000 and might struggle to recover.
- Ethereum remained in a bearish zone after a fresh decline below $2,080.
- The price is trading below $2,050 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it stays below the $2,090 zone.
Ethereum Price Consolidates Losses
Ethereum price failed to remain stable above $2,100 and started a fresh decline, like Bitcoin. ETH price dipped below the $2,080 and $2,065 levels.
The price even traded below $2,050. A low was formed at $2,009, and the price is now showing many bearish signs and is well below the 23.6% Fib retracement level of the downward move from the $2,138 swing high to the $2,009 low. Besides, there is a bearish trend line forming with resistance at $2,040 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,030 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase.
Immediate resistance is seen near the $2,040 level. The first key resistance is near the $2,060 level. The next major resistance is near the $2,090 level or the 61.8% Fib retracement level of the downward move from the $2,138 swing high to the $2,009 low.
A clear move above the $2,090 resistance might send the price toward the $2,120 resistance. An upside break above the $2,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,150 resistance zone or even $2,200 in the near term.
More Downside In ETH?
If Ethereum fails to clear the $2,090 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,965 zone.
A clear move below the $1,920 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,840 region. The main support could be $1,750.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,000
Major Resistance Level – $2,090