Ethereum price found support near $1,922 and recovered some of the losses. ETH is currently consolidating and faces key hurdles near $2,000.

• Ethereum is trying a recent wave of recovery above $1,960.
• The price is trading below $1,985 and the 100-hour basic moving average.
• A bearish trend line is forming on the hourly chart of ETH/USD (data intake via Kraken) with resistance at $2,000.
• The pair could start a recent decline if it stays below the $2,000 zone.

Ethereum Price Visits Support Again

Ethereum price failed to stay above $2,000 and began a recent decline, just like Bitcoin. ETH price was trading below the $1,960 and $1,950 levels to enter the bearish zone.

Ultimately, bulls emerged near $1,920. The bottom was formed at $1,922, after which the price began a wave of recovery. There has been a move above the resistance at $1,950. The price has broken above the 38.2% Fib retracement level resulting from a downward move from a high of $2,038 to a low of $1,922.

Ethereum price is currently trading below $1,980 and the 100-hour basic moving average. If the bulls keep the action above $1,925, the price may be tempted to move higher. Immediate resistance is seen near the $1,980 level. The first key resistance is located near the $2,000 level or the 61.8% Fib retracement level as part of a downward move from the $2,038 high to the $1,922 low.

A bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $2,000. The next major resistance is near the $2,020 level. A clear move above the $2,020 resistance could push the price towards the $2,050 resistance. An upward break above the $2,050 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.

Another ETH drop?

If Ethereum fails to break the resistance at $2,000, a recent decline could begin. Initial downside support is near the $1,935 level. The first major support is located near the $1,925 zone.

A clear move below the $1,925 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 could be $1,820.

Technical indicators

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

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

Main support level – USD 1,920

Main resistance level – $2,000