Ethereum price extended its slide below $1,950 against the US Dollar. ETH could start a new rise if it breaks above the $1,960 and $2,000 resistance levels.
- Ethereum traded further below the $1,950 support.
- The price is trading below $1,960 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rally if it breaks above the $1,950 and $1,960 levels.
Ethereum price consolidates losses
Ethereum price started a new decline from the $2125 resistance zone. ETH gained bearish momentum after breaking the $2,000 support, similar to Bitcoin.
The bears even pushed the price below the $1,950 support. A low is formed near $1,910 and the price is now consolidating losses. Ether is now trading below $1,960 and the 100 hourly simple moving average. Immediate resistance is near the $1,950 area.
There is also a key bearish trend line forming with resistance near $1,950 on the hourly chart of ETH/USD. The 23.6% Fibonacci retracement level of the key decline from the $2124 high to $1910 low is also just above the trend line.
A bullish break above trend line resistance and then $1,960 could send Ethereum towards $2,000. The next major resistance is near the $2,020 zone or the 50% Fibonacci retracement level of the key decline from the $2,124 high to $1,910 low. A close above the $2,020 resistance zone could start a new rally.
Fountain: ETHUSD on TradingView.com
In the indicated case, the price could rally towards the $2,080 resistance. More gains could send Ether towards the $2,125 resistance any time soon.
More losses in ETH?
If Ethereum fails to clear the $1,950 resistance, it could continue moving lower. Initial support on the downside is near the $1920 level or the recent low.
The next major support is near the $1900 zone, below which the ether price could gain bearish momentum. In the indicated case, the price could decline towards $1,860. Any further losses may send the price to $1,820 in the coming days.
technical indicators
MACD per hour – The MACD for ETH/USD is now losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level: $1,920
Highest Resistance Level: $1,960
