Following a failed attempt to stay above $2,050, Ethereum price has experienced a fresh decline, similar to Bitcoin. The digital currency is currently trading below $2,000 and the 100-hourly Simple Moving Average, indicating a bearish trend.
- Despite struggling to extend gains above $2,020, Ethereum corrected lower.
- A bearish trend line with resistance at $1,980 has formed on the hourly chart of ETH/USD.
- If ETH remains below the $2,020 zone, it could initiate another decline.
Ethereum Price Faces Further Dips
After failing to maintain levels above $2,050, Ethereum price has dipped below key support levels, including $2,020 and $2,000. The digital currency has also breached the 50% Fib retracement level of the recent upward move.
While a bearish trend line with resistance at $1,980 persists, bullish activity near $1,900 has been observed.
Currently trading below $2,000 and the 100-hourly Simple Moving Average, Ethereum may see a potential increase if it remains above $1,900. Immediate resistance levels are at $1,960 and the aforementioned trend line.
The immediate hurdle for Ethereum is at $2,000, followed by a major resistance level at $2,020. A breakout above $2,020 could propel the price towards $2,165, signaling further gains in the near future. In such a scenario, Ethereum could target the $2,250 or even $2,280 resistance levels.
Possibility of Further Declines in ETH
If Ethereum fails to surpass the $2,000 resistance, a new decline could be on the horizon. Initial support is expected near $1,920, followed by a crucial level at $1,900 or the 61.8% Fib retracement level.
A breach below the $1,850 support could push Ethereum towards $1,820, with additional losses possibly leading to the $1,750 region. The primary support level stands at $1,720.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD demonstrates increasing bearish momentum.
Hourly RSI – The RSI for ETH/USD is currently below the 50 mark.
Major Support Level – $1,900
Major Resistance Level – $2,020