Ethereum Price Hints At Potential Correction, Buy The Dip?

Aayush Jindal

1 year ago

2 mins read

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Ethereum price struggled above $2,100. ETH is now moving lower and might continue to drop toward the $1,930 support in the near term.

Ethereum is consolidating and facing resistance near the $2,060 zone.
The price is trading below $2,080 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it breaks the $2,035 support zone.

Ethereum Price Drops Again

Ethereum price attempted a fresh increase above the $2,080 resistance zone. ETH even spiked above the $2,120 resistance zone, like Bitcoin. However, the bears were active above $2,120.

A high was formed near $2,132 before the price started a fresh decline. There was a move below the $2,080 level. A low is formed near $2,037 and the price is now consolidating losses. It is struggling below the 23.6% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low.

Ethereum is now trading below $2,080 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,065 zone. There is also a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD.

The first key resistance is near the $2,100 level or the 61.8% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. A clear move above the $2,100 level could send the price toward the $2,120 resistance zone.

Source: ETHUSD on TradingView.com

The next resistance is near $2,135, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level.

More Losses in ETH?

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,035 level.

The next key support is $2,000. A downside break below $2,000 might send Ether toward the $1,930 support. The key support is now at $1,900, below which there is a risk of a move toward the $1,840 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $2,035

Major Resistance Level – $2,080

Aayush Jindal

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