Ethereum faces an uphill task near the $ 2,000 zone against the US Dollar. ETH price remains at risk of further decline below the $ 1,800 support zone.
Ethereum started a new decline after it failed to break above the $ 2,000 resistance zone. The price is still trading well below the $ 2,000 resistance and the 100 hourly simple moving average. A key downtrend line is forming with resistance near $ 1,975 on the hourly chart of ETH / USD (data feed via Kraken). The pair could accelerate to the downside if it does not move above the $ 1,950 and $ 2,000 resistance levels.
Ethereum price turns red
After a failed attempt to clear the $ 2,000 resistance, ethereum started a new decline, similar to bitcoin. ETH price broke the $ 1,950 support and settled well below the 100 hourly simple moving average.
The price even declined below the $ 1,920 support, but the bulls are defending the $ 1,850 support zone. The recent low was formed near $ 1,866 and the price is now correcting upward. It is testing the $ 1,900 resistance zone.
The 23.6% Fib retracement level of the recent decline from the $ 1,993 high to $ 1,866 low is also near $ 1,900. The next key resistance is near the $ 1,920 level and the 100 hourly simple moving average.
The $ 1,920 resistance is near the 50% Fib retracement level of the recent decline from the $ 1,993 high to $ 1,866 low. A key downtrend line is also forming with resistance near $ 1,975 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
A proper breakout above the trend line resistance is a must for a strong move above the $ 2,000 resistance. The next major resistance is near the $ 2,050 zone.
New decline in ETH?
If Ethereum does not rally above $ 1,920 and $ 1,950, it could continue to decline. An initial support on the downside is near the $ 1,865 level.
The first major support is near the $ 1,850 level. If ether fails to sustain above the $ 1,850 support, it could decline towards the $ 1,800 support. Any further losses could set the pace for a decline towards the $ 1,750 support zone in the near term.
MACD per hour : The MACD for ETH / USD is slowly losing pace in the bearish zone.
RSI per hour : The RSI for ETH / USD is now near the 50 level.
Major Support Level – $ 1,850
Major Resistance Level – $ 1,950