Etherum price found support near $1,928 and recovered some of the losses. ETH is currently consolidating and faces key headwinds near $2,020.

• Ethereum is trying a modern wave of recovery above $1,950.
• The price is trading below $2,020 and the 100-hour straightforward moving average.
• A bullish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with support at USD 1,950.
• The pair could start a modern decline if it stays below the $2020 zone.

Ethereum price faces resistance

Ethereum price failed to stay above $2,000 and began a modern decline, just like Bitcoin. ETH price was trading below the $1,950 and $1,940 levels to enter the bearish zone.

Ultimately, bulls emerged near $1,925. The bottom was formed at $1,928 and the price began a wave of recovery. There has been a move above the resistance at $1,950. The price even rose above the 38.2% Fib retracement level, the result of a downward move from a high of $2,101 to a low of $1,928.

Ethereum price is currently trading below $2,020 and the 100-hour straightforward moving average. If the bulls keep the action above $1,950, the price may be tempted to move higher. Immediate resistance is seen near the $2,020 level or 50% Fib retracement level on the move down from the $2,101 high to the $1,928 low.

The first key resistance is near the $2,035 level. The next major resistance is near the $2,060 level. A clear move above the resistance at $2,060 could push the price towards the resistance at $2,120. An upward break above the $2,120 region could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $2,150 or even $2,185 in the near future.

Another ETH drop?

If Ethereum fails to break through the resistance at $2,020, a modern decline could begin. Initial downside support is near the $1,970 level. The first major support is located near the $1,940 zone or trend line.

A clear move below the $1,940 support could push the price towards the $1,880 support. Any further losses could push the price towards the $1,820 region. The main support could be $1,780.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 1,940

Major resistance level – USD 2,020