ethereum price corrected lower below $2,050. eth is now consolidating above the $2,020 support and could start a new rise in the near term.
- ethereum is still struggling to break above the $2,075 and $2,080 resistance levels.
- The price is trading below $2,050 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $2,040 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the 100 hourly simple moving average and then $2,075.
ethereum Price Trims Gains
ethereum price struggled to break above the $2,075 resistance zone. The bears took control and pushed eth below the $2,050 level. However, bitcoin managed to hold above the $37,550 support zone.
eth traded below the 50% Fibonacci retracement level of the upward move from the low of $1,986 to the high of $2,076. Additionally, there was a break below a key uptrend line with support at $2,040 on the hourly chart of eth/USD.
ethereum is now trading below $2,050 and the 100 hourly simple moving average. It is now consolidating above the $2,020 support zone. On the upside, the price faces resistance near the $2.00 area and the 100 hourly simple moving average.
The first key resistance is near the $2,075 level. The next resistance is located at $2,090. A clear move above the $2,090 level could send the price towards the $2,130 resistance zone.
<img decoding="async" class="alignnone size-full wp-image-563115" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-23.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 $2,200, above which the price could point to a move towards the $2,250 level. Any further gains could start a wave towards the $2,320 level.
More losses on eth?
If ethereum fails to overcome the $2,050 resistance, it could continue lower. Initial support on the downside is near the $2,020 level. The next key support is $2,000.
A break below $2,000 could start a steady decline. Key support is now at $1,930, below which there is a risk of a move towards the $1,880 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $2,020
Main Resistance Level: $2,075
