Ethereum price failed to stay above $2,120 and losses extended. ETH is now struggling to stay above $2,040 and may continue to decline in the near term.
- Ethereum started a new decline from the $2,150 area.
- The price is trading below the $2,120 level and the 100 hourly simple moving average.
- There was a break below the uptrend line with support at $2,075 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it remains below the $2,120 resistance level.
Ethereum price falls further
Ethereum price failed to continue rising above $2120 and started a new decline, e.g Bitcoin. ETH price fell below $2,075 and $2,050 to enter the bearish zone.
There was a break below the uptrend line with support at $2,075 on the hourly chart of ETH/USD. The price traded as low as $2,016. It recently corrected some losses and traded above the 23.6% Fib retracement level of the downward move from the high of $2,167 to the low of $2,016. However, the bears remained active near the $2,075 resistance area.
Ethereum price is now trading below $2,065 and 100 hourly simple moving average. If the bulls keep moving above the $2020 level, the price may try to rise again. Immediate resistance is seen near the $2075 level.
The first major resistance is near the $2,100 level or the 50% Fibonacci retracement level of the downward move from the high of $2,167 to the low of $2,016. The next major resistance is near the $2120 level. A clear move above the $2,120 resistance level could send the price towards the $2,150 resistance level. A bullish break above the $2,150 area may require further gains in the coming days. In the mentioned case, Ether could rise towards the resistance area of $2,220 or even $2,250 in the near term.
More losses in ETH?
If Ethereum fails to break above the $2,075 resistance level, it could start a new decline. Initial support on the downside is near the $2,020 level. The first major support is near the $2,000 area.
A clear move below the $2,000 support level could push the price towards the $1,980 support level. Any further losses could send the price towards the $1965 region. Major support could be at $1,920.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 area.
Major Support Level – $2,020
Major resistance level – $2,120
