The price of ethereum fell sharply along with bitcoin. eth traded below $2,000 but still holds key support at $1,920 and could attempt a fresh rise.
- ethereum struggled to overcome the $2,070 resistance and corrected lower.
- The price is trading below $2,000 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $1,990 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a new rise if it clears the $2,000 hurdle.
ethereum price foresees a new increase
ethereum price failed to overcome the $2,070 resistance and reacted lower. eth fell below the $2,000 support zone after reports of Binance liquidation, as did bitcoin.
The bears even pushed the price below the $1,950 support zone and the 100 hourly simple moving average. However, Ether remained above the $1,920 support zone. A low was formed near $1,930 and the price is now attempting a fresh rise.
ethereum broke the 23.6% Fibonacci retracement level of the recent decline from the high $2,068 to the $1,930 level. However, it is still below $2,000 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,990 zone. There is also a key bearish trend line forming with resistance near $1,990 on the hourly chart of eth/USD. The first key resistance is near the $2,000 level or the 50% Fibonacci retracement level of the recent decline from the high of $2,068 to the $1,930 level.
<img decoding="async" class="alignnone size-full wp-image-561879" src="https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/ethereum-16.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
A clear move above the $2,000 level could trigger bullish moves. The next resistance is near $2,070, above which the price could point to a move towards the $2,120 level. Any further gains could start a wave towards the $2,200 level.
More losses on eth?
If ethereum fails to overcome the $2,000 resistance, it could start a new decline. Initial support on the downside is near the $1,950 level.
The next key support is $1,930 or $1,920. The main support is still near $1,905. A downside break below the $1,905 support could trigger further losses. In the indicated case, Ether could fall towards the $1,820 support zone in the short 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 near the 50 level.
Main Support Level: $1,930
Main resistance level: $2,000
