Ethereum price started a recent decline and reached below 2020 dollars. ETH is currently consolidating near $2,000 and may struggle to rebound.
- Ethereum remained in a bear zone after falling below $2,020 again.
- The price is trading below $2,020 and the 100-hour elementary moving average.
- A bearish trend line is forming on the hourly chart of ETH/USD (data fed via Kraken) with resistance at USD 2,010.
- The pair may continue to decline if it remains below the $2,050 zone.
Ethereum price increases losses
Ethereum price failed to stay stable above $2,050 and began a recent decline, just like Bitcoin. ETH price dropped below 2020 and $2,000 levels.
The price even dropped below $1,980. The low was made at $1,964 and the price is currently showing many bearish signs. There has been a slight rally above the 23.6% Fib retracement level resulting from the downward move from the high of $2,139 to the low of $1,964. Additionally, a bearish trend line is forming on the hourly chart of ETH/USD with resistance at $2,010.
Ethereum price is currently trading below $2,000 and the 100-hour elementary moving average. If the bulls keep the action above $1,965, the price may be tempted to move higher.
Immediate resistance is seen near the $2,010 level. The first key resistance is near the $2,020 level. The next major resistance is located near the $2,050 level or the 50% Fib retracement level as part of a downward move from a high of $2,139 to a low of $1,964.
A clear move above the resistance at $2,050 could push the price towards the resistance at $2,085. An upward break above the $2,085 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone of $2,120 or even $2,150 in the near future.
More flaws in ETH?
If Ethereum fails to break through the resistance at $2,020, a recent decline could begin. Initial downside support is near the $1,965 level. The first major support is located near the $1,950 zone.
A clear move below the $1,950 support could push the price towards the $1,920 support. Any further losses could push the price towards the $1,850 region. The main support could be $1,780.
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 – $1,965
Major resistance level – $2,050
