Ethereum struggled to gain above the $2,000 resistance against the US Dollar. ETH is falling, but it is still above the key support area of $1,920.
- Ethereum is showing some bearish signs below the $2000 barrier.
- The price is now trading below $2000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,970 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could drop sharply if there is a clear move below the $1,920 support area.
Ethereum price settles below $2,000
Ethereum rose above the $1,950 resistance and the 100 hourly simple moving average. With that, the bears protected the key gains above the key 2000 dollar area.
The price started a new decline from the high of $2,020. There was a clear move below the $1980 and $1950 levels. Ether is now trading at less than $2000 and 100-hour simple moving average. The bottom formed near $1,931 and the price is now consolidating its losses.
On the upside, there is an initial resistance near the $1,950 level. It is near the 23.6% Fib retracement level of the recent decline from the 2020 USD to the USD 1931 low.
The next major resistance is near the $1,970 level. There is also a major bearish trend line forming with resistance near $1,970 on the hourly chart of ETH/USD. The trend line is near the 50% Fibonacci retracement level of the recent decline from the 2020 USD to the USD 1,931 low.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $2000 level. A close above the $2000 level may open the doors to a steady increase. In the mentioned case, the price of Ether could rise towards the $2,085 resistance area. 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 $1,930 region.
The next major support is near the $1,920 level. A break-down below the $1,920 level may call for a sharp decline. In the mentioned case, the price could regress towards the $1850 level. Any further losses may require a move to $1800.
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 – $2000