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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Nosedives Below $2K, Here’s The Next Bearish Target

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price started a major decline below $2,000 against the US Dollar. ETH might extend its decline and revisit the $1,860 support.

  • Ethereum is gaining bearish momentum below the $2,000 support.
  • The price is trading below $2,000 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further if it breaks the $1,930 support zone.

Ethereum Price Takes Hit

Ethereum’s price struggled to climb further above the $2,125 resistance zone. ETH started a fresh decline below the $2,050 and $2,000 support levels, similar to Bitcoin.

Ether gained bearish momentum below the $2,000 support. It tested the $1,930 support. A low is formed near $1,933 and the price is now consolidating losses. It is now trading below $2,000 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,960 zone. There is also a connecting bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD. The 23.6% Fib retracement level of the downward move from the $2,125 swing high to the $1,933 low is also just above the trend line.

An upside break above the trend line resistance might send Ethereum toward $2,000. The next major resistance is near the $2,025 zone or the 50% Fib retracement level of the downward move from the $2,125 swing high to the $1,933 low. A close above the $2,025 resistance zone could start a fresh increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price could rise toward the $2,125 resistance. Any more gains could send Ether toward the $2,200 resistance in the near term.

More Losses in ETH?

If Ethereum fails to clear the $1,960 resistance, it could continue to move down. Initial support on the downside is near the $1,930 level. A downside break below the $1,930 support could spark bearish moves.

The next major support is near the $1,900 zone, below which ether price might decline toward $1,860. In the stated case, the price could revisit $1,820. Any more losses may perhaps send the price toward $1,780 in the coming days.

Technical Indicators

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

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

Major Support Level – $1,930

Major Resistance Level – $1,960

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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.

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