The price of Ethereum started a new low and traded below $1,980. ETH is now consolidating below $2,000 and may continue to decline.
- Ethereum remained in bearish territory after a new low below $2,000.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There is a bearish line forming and rejecting $2,010 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may continue to decline if it breaks below the $2,020 zone.
Ethereum Price Extends Downward
The price of Ethereum failed to remain stable above $2,020 and started a new low, viz Bitcoin. The price of ETH dropped below the levels of $2,010 and $2,000.
The price also traded below $1,980. A low was made at $1,955, and the price recently tested a small one recovery wave. There was a move above the 50% Fib retracement level of the low from the $2,035 swing up to the $1,955 low.
However, the bears remained active around $2,000. There is also a bearish line forming resistance at $2,010 on the ETH/USD hourly chart.
The price of Ethereum is now trading below $2,000 with the 100-hourly Simple Moving Average. If bulls are still working above $1,955, the price may try another increase. Immediate resistance is seen near the $2,000 level and the 61.8% Fib retracement level of the move down from the $2,035 swing high to the $1,955 low.
The first important resistance is near the $2,020 level. The next major resistance is near the $2,050 level. A clear move above resistance at $2,050 could send the price to resistance at $2,080. A recent break above the $2,080 area may demand more gains in the coming days. For the reasons stated, Ether may rise to the resistance area of $2,120 or $2,150 in the near future.
More Below ETH?
If Ethereum fails to clear the $2,000 resistance, it could start a new low. The initial support at the bottom is near the $1,955 level. The first major support is near the $1,920 zone.
A reasonable move below the $1,920 support could push the price towards the $1,880 support. Any further damage could send the price to the $1,850 area. The maximum subsidy can be $1,780.
Technical Indicators
MACD hourly – MACD of ETH/USD is trending in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Maximum Support Level – $1,955
Maximum Objection Level – $2,020
