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Ethereum
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TA: Why Ethereum (ETH) Could Nosedive Below $2K, Bears In Control

Aayush Jindal by Aayush Jindal
11 months ago
in ETH
Reading Time: 2 mins read
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Ethereum is down 5% and it is struggling to stay above $2,000 against the US Dollar. ETH price could decline sharply if there is a break and close below $2,000.

  • Ethereum is showing bearish signs below the $2,050 and $2,100 levels.
  • The price is now trading well below the $2,100 resistance and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,000 support to avoid a major decline in the near term.

Ethereum Price Remains At Risk

There was a fresh decline in ethereum from the $2,175 resistance zone, similar to bitcoin. ETH broke many supports near $2,100 and the 100 hourly simple moving average to move into a bearish zone.

There was also a break below a key contracting triangle with support near $2,110 on the hourly chart of ETH/USD. The pair traded below the $2,050 support and it tested the $2,000 support. A low is formed near $2,009 and the price is now consolidating losses.

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An immediate resistance on the upside is near the $2,050 zone. It is near the 23.6% Fib retracement level of the recent dive from the $2,175 high to $2,009 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,090 and $2,100 levels. The 50% Fib retracement level of the recent dive from the $2,175 high to $2,009 low is also near $2,090. A close above $2,100 might start a decent recovery wave in the near term. The next major resistance is near the $2,175 level.

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More Losses in ETH?

If Ethereum fails to recover above $2,050 or $2,100, it could continue to move down. An initial support on the downside is near the $2,010 level.

The first major support is near the $2,000 level. If ether bulls fail to defend the $2,010 and $2,000 support levels, there are chances of a sharp decline. In the stated case, ether bears might aim a test of the $1,850 support level. An intermediate support could be near $1,920.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is well below the 50 level.

Major Support Level – $2,000

Major Resistance Level – $2,100

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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