Ethereum price has started a novel decline below $2,000. ETH is currently correcting gains above $1,920 and may decline further in the near future.

• Ethereum has started a downward correction below the 2020 dollar zone.
• The price is trending below $2,000 and the 100-hour plain moving average.
• There has been a break below a key uptrend line with support at USD 2020 on the ETH/USD hourly chart (data fed via Kraken).
• The pair could start a novel decline if it stays below the $2,000 zone.

Ethereum prices continue to fall

Ethereum price has started a novel decline after failing to stay above $2,020 just like Bitcoin. The price of ETH dropped below $2,000, entering a bear zone.

Additionally, there was a break below a key uptrend line with support at $2,020 on the ETH/USD hourly chart. The pair even dropped below $1,920. The low has formed at $1,912 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $2,200 to the low of $1,912.

Ethereum price is currently trading below $1,980 and the 100-hour plain moving average. If the bulls keep the action above $1,920, the price may be tempted to move higher again. Immediate resistance is seen near the $1,980 level.

The first key resistance is near the $2020 level. The next major resistance is located near the $2,050 level or the 50% Fib retracement level in a move down from the $2,200 high to the $1,912 low. A clear move above the resistance at $2,050 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 $2,200 or even $2,250 resistance zone in the near future.

More ETH losses?

If Ethereum fails to break the resistance at $2,020, a novel decline could begin. Initial downside support is near the $1,920 level. The first major support is located near the $1,880 zone.

A clear move below the $1,880 support could push the price towards the $1,850 support. Any further losses could push the price towards the $1,810 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 1,920

Major resistance level – USD 2,020