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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

TA: Ethereum Fails Above $2K, Why ETH Could Resume Its Slide

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum attempted a decent recovery, but it failed above $2,000 against the US Dollar. ETH price is trimming gains and it might continue to move down towards $1,850.

  • Ethereum failed to clear the $2,050 and $2,060 resistance levels.
  • The price is trading well below $2,000 and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $2,060 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower unless there is a strong close above $2,000 in the near term.

Ethereum Price Trims Gains

Ethereum found a strong support near the $1,700 zone, like bitcoin. ETH started a decent recovery wave above the $1,800 and $1,900 levels.

There was a break above the 50% Fib retracement level of the of the key drop from the $2,285 swing high to $1,700 swing low. However, ether price cleared failed to surpass the $2,050 and $2,060 resistance levels.

It is now trading well below $2,000 and the 100 hourly simple moving average. The price also failed near the 61.8% Fib retracement level of the of the key drop from the $2,285 swing high to $1,700 swing low. Besides, there is a crucial bearish trend line forming with resistance near $2,060 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,950 level. The first major resistance is near the $2,000 zone and the 100 hourly SMA. The main barrier is near the trend line and $2,050. To move into a positive zone, ether price must clear the $2,000 and $2,050 levels in the near term.

More Losses in ETH?

If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could continue to move down. An initial support on the downside is near the $1,850 level.

The first major support is now forming near the $1,820 level. The main support is now forming near the $1,800 level. A downside break below the $1,800 zone could put a lot of pressure on the bulls. In the stated case, the price is likely to revisit the $1,700 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.

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

Major Support Level – $1,850

Major Resistance Level – $2,000

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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