Ethereum has extended its decline below the $ 2,000 support against the US dollar. ETH price is now consolidating losses and could usher in a new spike if it settles $ 2,010.
- Ethereum has extended its decline below the $ 2,050 and $ 2,000 support levels.
- The price is now trading well below $ 2,050 and the 100-hour simple moving average.
- A large bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 2,065.
- The pair could start a decent move higher if it clears the USD 2,010 resistance zone.
Ethereum price steadies above $ 1,950
After another outage above $ 2,100, Ethereum started a downward correction. ETH traded below the USD 2,050 and USD 2,010 support levels. It even surpassed the $ 2,000 level and was below the 100 hour simple moving average, similar to Bitcoin.
A low was formed near $ 1,937 before the price began a short-term upward correction. Ether climbed above the $ 1,960 and $ 1,975 levels. There was a break above the 23.6% fib retracement level of the recent decline from the high of $ 2,132 to the low of $ 1,937.
It appears that the price is now forming a breakout pattern with resistance near $ 2,010. A sharp break above the USD 2,010 resistance could move the price towards the USD 2,035 level.
Source: ETHUSD on TradingView.com
The 50% fib retracement level of the recent decline from the high of $ 2,132 to the low of $ 1,937 is near $ 2,050 to act as resistance. A large bearish trendline is also forming on the hourly chart of ETH / USD with resistance near USD 2,065.
To get into a bullish zone, the ether price must break the USD 2,010 resistance and then gain strength to move above the trendline resistance.
Further losses in ETH?
If Ethereum fails to offset the USD 2,010 resistance, it could correct further down. The first major support is now forming near the USD 1,960 level and the lower trendline of the triangle.
The main support is now near the USD 1,940 level. A significant downside break below the triangle support and the USD 1,940 zone could lead the price towards the USD 1,880 support level in the coming sessions. Further losses will most likely require a test of $ 1,850.
Hourly MACD – – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is now approaching the 50 level.
Main support tier – $ 1,960
Main Resistance Level – $ 2,060