Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum extended its decline and it even broke the $2,000 support against the US Dollar. ETH price is now recovering and it might correct higher towards $2,150.
- Ethereum extended its decline below the $2,050 and $2,000 support levels.
- The price is now trading well below $2,200 and the 100 hourly simple moving average.
- There was a break above a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover above the $2,000 level, but the bears might protect the $2,200 zone.
Ethereum Price Turns Red
Ethereum remained in a bearish zone below the $2,300 level, similar to bitcoin. ETH even traded below the $2,200 and $2,100 support levels to move further into a bearish zone.
There was also a break below the $2,000 support zone and a close below the 100 hourly simple moving average. A low was formed near $1,847 and the price is now recovering higher. Ether price was able to climb above the $1,920 and $1,950 levels.
There was a clear break above the 23.6% Fib retracement level of the of the recent decline from the $2,283 high to $1,847 low. Moreover, there was a break above a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD.
The pair is now showing a few positive signs above $1,950. An immediate resistance on the upside is near the $2,000 level. The first major resistance on the upside is near the $2,065 level.
Source: ETHUSD on TradingView.com
It is close to the 50% Fib retracement level of the of the recent decline from the $2,283 high to $1,847 low. The main resistance is now forming near the $2,150 level and the 100 hourly simple moving average.
More Losses in ETH?
If Ethereum fails to clear the $2,065 and $2,150 resistance levels, it could continue to move down. An initial support on the downside is near the $1,920 level.
The main breakdown support is now forming near the $1,850 level. A downside break below the recent low and the $1,850 support level may possibly call for more losses. In the stated case, ether price is likely to decline towards $1,720 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly recovering in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising towards the 50 level.
Major Support Level – $1,850
Major Resistance Level – $2,065
