Ethereum price started a new low and traded below $2,050. ETH is now consolidating above $2,000 and may struggle to recover.
- Ethereum remained in bearish territory after a new low below $2,080.
- The price is trading below $2,050 and the 100-hourly Simple Moving Average.
- There is a bearish line forming and rejecting $2,040 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may continue to decline if it stays below the $2,090 zone.
Ethereum Price Includes Losses
The price of Ethereum failed to remain stable above $2,100 and started a new low, as Bitcoin. The price of ETH dropped below the levels of $2,080 and $2,065.
The price also traded below $2,050. A low was made at $2,009, and the price is now showing more signs of deterioration and is below the 23.6% Fib retracement level of the downward move from the $2,138 swing high to the $2,009 low. Besides, there is a bearish line forming and rejecting $2,040 on the ETH/USD hourly chart.
The price of Ethereum is now trading below $2,030 and 100 Hours of Easy Walking Average. If the cows are still working more than $ 2,000, the price may try to increase further.
Immediate resistance is seen near the $2,040 level. The first important resistance is near the $2,060 level. The next major resistance is near the $2,090 level or the 61.8% Fib retracement level of the low down from the $2,138 swing up to the $2,009 low.
A clear move above the $2,090 resistance could send the price to the $2,120 resistance. A recent break above the $2,120 area may demand more gains in the coming days. For the reasons stated, Ether may rise to the resistance area of $2,150 or $2,200 soon.
More Below ETH?
If Ethereum fails to clear the resistance of $2,090, it may initiate a new low. The initial support at the base is around the $2,000 level. The first major support is near the $1,965 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 $1,840 area. The maximum subsidy can be $1,750.
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 Contribution Level – $2,000
Maximum Objection Level – $2,090
