ethereum price is declining from $2,130. eth is showing some bearish signs and could fall towards the $1,920 support zone.
- ethereum is slowly moving down below the $2,060 zone.
- The price is trading below $2,060 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance near $2,040 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue declining towards the $1,920 support zone.
ethereum price extends its decline
ethereum price started a fresh decline after struggling near $2,130. eth formed a high of $2,132 and began a downward move. There was a move below the $2,100 and $2,080 levels, like bitcoin.
The price even spiked below the $2,000 support. A low was formed near $1,986 and the price is now consolidating losses. There was a small wave of recovery above the $2,020 level. Ether rose above the 23.6% Fibonacci retracement level of the recent decline from the high of $2,132 to the low of $1,986.
ethereum is now trading below $2,060 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,040 zone. There is also a major bearish trend line forming with resistance near $2,040 on the hourly chart of eth/USD.
The first key resistance is near the $2,060 level or the 50% Fibonacci retracement level of the recent decline from the high of $2,132 to the low of $1,986. The next resistance is located at $2,100. A clear move above the $2,100 level could send the price towards the $2,135 resistance zone.
Fountain: ETHUSD on TradingView.com
The next resistance is near $2,150, above which the price could aim for a move towards the $2,200 level. Any further gains could start a wave towards the $2,250 level.
More losses on eth?
If ethereum fails to overcome the $2,040 resistance, it could start a new decline. Initial support on the downside is near the $2,000 level.
The next key support is $1,985. A downside break below $1,985 could send Ether towards the $1,920 support. Key support is now at $1,885, below which there is a risk of a move towards the $1,820 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $1,985
Main Resistance Level: $2,040
