Ethereum price started a fresh decline below $2,000. ETH is now correcting gains above $1,920 and might decline further in the near term.
- Ethereum started a downside correction below the $2,020 zone.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,000 zone.
Ethereum Price Dips Further
Ethereum price started a fresh decline after it failed to stay above $2,020, like Bitcoin. ETH price declined below $2,000 to enter a bearish zone.
Besides, there was a break below a key bullish trend line with support at $2,020 on the hourly chart of ETH/USD. The pair even dipped below $1,920. A low was formed at $1,912, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low.
Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,920, the price could attempt another increase. 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 downward move from the $2,200 swing high to the $1,912 low. A clear move above the $2,050 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 $2,200 resistance zone or even $2,250 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,920 level. The first major support sits near the $1,880 zone.
A clear move below the $1,880 support might push the price toward the $1,850 support. Any more losses might send the price toward the $1,810 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 – $1,920
Major Resistance Level – $2,020
