Ethereum price began a fresh decline and reached below $2,050. ETH is currently consolidating above $2,000 and may struggle to recover.

• Ethereum remained in a bear zone after falling below $2,080 again.
• The price is trading below $2,050 and the 100-hour uncomplicated moving average.
• A bearish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with resistance at $2,040.
• The pair may continue to decline if it remains below the $2,090 zone.

Ethereum price consolidates losses

Ethereum price failed to stay stable above $2,100 and began a fresh decline, just like Bitcoin. The ETH price fell below the $2,080 and $2,065 levels.

The price even dropped below $2,050. The low has formed at $2,009 and the price is currently showing multiple bearish signs and is well below the 23.6% Fib retracement level resulting from the downward move from the $2,138 high to the $2,009 low. Additionally, a bearish trend line is forming on the hourly chart of ETH/USD with resistance at $2,040.

Ethereum price is currently trading below $2,030 and the 100-hour uncomplicated moving average. If the bulls keep the action above $2,000, the price may be tempted to move higher again.

Immediate resistance is seen near the $2,040 level. The first key resistance is near the $2,060 level. The next major resistance is located near the $2,090 level or the 61.8% Fib retracement level, which is the result of a downward move from the $2,138 high to the $2,009 low.

A clear move above the resistance at $2,090 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 of $2,150 or even $2,200 in the near future.

More flaws in ETH?

If Ethereum fails to break the resistance at $2,090, a fresh decline could begin. Initial downside support is near the $2,000 level. The first major support is located near the $1,965 zone.

A clear move below the $1,920 support could push the price towards the $1,880 support. Any further losses could push the price towards the $1,840 region. The main support can be $1,750.

Technical indicators

Hourly MACD – MACD for ETH/USD is gaining momentum in a bear zone.

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

Main support level – USD 2,000

Major resistance level – $2,090