ethereum price struggled above $2,100. eth is now moving lower and could continue falling towards the $1,930 support in the near term.
- ethereum is consolidating and faces resistance near the $2,060 area.
- The price is trading below $2,080 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $2,065 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to decline if it breaks the $2,035 support zone.
ethereum price falls again
ethereum price attempted a fresh rise above the $2,080 resistance zone. eth even broke through the $2,120 resistance zone, like bitcoin. However, the bears were active above $2,120.
A high was formed near $2,132 before the price began a fresh decline. There was a move below the $2,080 level. A low forms near $2,037 and the price is now consolidating losses. It is struggling below the 23.6% Fibonacci retracement level of the recent drop from the high of $2,132 to the low of $2,037.
ethereum is now trading below $2,080 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $2,065 zone. There is also a key bearish trend line forming with resistance near $2,065 on the hourly chart of eth/USD.
The first key resistance is near the $2,100 level or the 61.8% Fibonacci retracement level of the recent drop from the $2,132 high to the $2,037 low. A clear move above the $2,100 level could send the price towards the $2,120 resistance zone.
<img decoding="async" class="alignnone size-full wp-image-562554" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-20.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next resistance is near $2,135, above which the price could point to 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 $2,080 resistance, it could start a new decline. Initial support on the downside is near the $2,035 level.
The next key support is $2,000. A downside break below $2,000 could send Ether towards the $1,930 support. Key support is now at $1,900, below which there is a risk of a move towards the $1,840 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: $2,035
Main resistance level: $2,080
