Ethereum failed to break above the $2,085 resistance and fell against the US Dollar. ETH must stay above $1,920 to start a new rally in the near term.
- Ethereum failed to surpass the $2,085 and $2,100 resistance levels.
- The price is now trading below $2000 and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower towards the key support area of $1,920.
Ethereum price traded under $2,000
Try Ethereum Scan The $2,085 and $2,100 resistance levels. However, ETH failed to gain ground and formed a short-term top near the $2,085 level.
There was a bearish reaction below the $2,050 support level. Besides, there was a break below the major uptrend line with support near $2000 on the hourly chart of ETH/USD. There was a move below the 50% Fib retracement level of the upward move from the swing low of $1,920 to the high of $2,085.
Ether price is now trading at less than $2000 and 100-hour simple moving average. It even tested the 76.4% Fib retracement level of the upward move from the $1,920 swing low to $2,085 high.
The price is now consolidating near the $1,980 level. The first major resistance is near the $2000 level and the 100 hourly simple moving average. The main resistance is now forming near the $2,085 level. A close above $2,085 may open the door for a decent increase.
Source: ETHUSD on TradingView.com
In the mentioned case, the price of Ether might rise towards the $2150 resistance. Any further gains could lead it towards the key resistance area of $2,200.
More losses in ETH?
If Ethereum fails to recover above the $2000 resistance, it may continue to decline. There is initial support on the downside near the $1,960 region.
The next major support is near the $1,920 level. A close below $1,920 may restart the downtrend. In the mentioned case, the price could regress towards the $1900 level. The next major support might be near the $1,800 and $1,780 levels in the near term.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1,920
Key Resistance Level – $2,085