Ethereum Price Update

Ethereum price failed to clear the $2,120 resistance and has trimmed its gains. Currently, ETH is consolidating and facing hurdles near the $2,000 resistance.

• Decline Below Support: Ethereum started a fresh decline below the key support at $2,000.
• Technical Indicators: The price is trading below $2,000 and the 100-hourly Simple Moving Average.
• Declining Channel: There is a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD (data from Kraken).
• Resistance Levels: The pair must clear the $1,880 and $1,950 resistance levels to initiate a decent increase.

Ethereum Price Dips Further

Ethereum started a decline from the $2,120 resistance, similar to Bitcoin. ETH moved below the $2,000 support and entered a bearish zone.

Bears gained momentum pushing the price below the $1,880 support, but bulls emerged near the $1,750 area. A low was established at $1,753, with an attempt for recovery now underway. The price moved above the $1,800 and $1,820 resistance levels.

It surpassed the 23.6% Fib retracement level of the decline from $2,152 to $1,753. Currently, Ethereum is trading below $2,000 and the 100-hourly Simple Moving Average.

On the upside, hurdles appear near the $1,880 level. A short-term declining channel forming with resistance at $1,880 is also evident on the hourly chart of ETH/USD. The next significant resistance is around the $1,950 level, aligning with the 50% Fib retracement level.

Breaking above $2,000 could propel the price towards $2,120. If it breaks $2,120, Ether might rise towards the $2,250 or $2,350 zones in the near term.

Potential for Another Drop in ETH?

Failure to overcome the $1,880 resistance could trigger another decline. Initial support is at $1,800, with major support near $1,750. If the price falls below $1,750, it might slide to the $1,680 support level, and further losses could push it down to $1,620 in the near term. The next key support sits at $1,550.

Technical Indicators

• Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish region.
• Hourly RSI: The RSI for ETH/USD is now below the 50 zone.
• Major Support Level: $1,750
• Major Resistance Level: $1,880