The price of Ethereum started a new decline from 2000 dollars. ETH is now correcting the gains above $1,920 and could be lower in the near future.
- Ethereum started a negative correction below the $2,020 zone.
- The price is trading above $2000 and above the 100 hourly moving average.
- On the hourly chart of ETH/USD (via data via Kraken) below, a major upward trend line has formed a break with support at $2,020.
- The pair can start a new downtrend if it stays above the $2,000 zone.
The price of Ethereum is going down again
The price of Ethereum started a new decline after failing to break above $2,020, just like Bitcoin. ETH price dropped below $2,000 to enter bearish territory.
Furthermore, there was a break below a major uptrend line with support at $2,020 on the hourly chart of ETH/USD. The pair even fell below $1,920. A low was formed at $1,912 and the price is now consolidating losses below the 23.6% Fib retracement level on a move down from $2,200 to $1,912.
Ethereum price is currently trading below $1,980 and below the 100-hourly moving average. If the bulls remain active above $1,920, the price may attempt another rally. Immediate resistance is seen near the $1,980 level.
The first key resistance is near the $2,020 level. The next major resistance is near the $2,050 level or the 50% Fib retracement level of the move down from $2,200 to $1,912. A clear move above the $2,050 resistance could send the price to the $2,120 resistance. An upper break in the $2,120 area could call for more profit in the coming days. In the mentioned case, Ether may rise to the resistance zone of $2200 or even $2250 in the near future.
More in ETH?
If Ethereum fails to clear the $2,020 resistance, it may start a new decline. Initial support on the downside is near the $1,920 level. The first major support is located near the $1,880 area.
A clear move supported by $1,880 could push the price to $1,850. Any further losses could send the price to the $1,810 zone. Basic support can be $1,750.
Technical indicators
Hourly MACD – MACD for ETH/USD is accelerating in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
The main support level is $1,920
The main resistance level is $2,020
