Ethereum price drops from $2,130. ETH is showing some bearish signs and could drop towards the $1,920 support zone.
- Ethereum is slowly falling below the $2,060 zone.
- The price is trading below $2,060 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline towards the $1,920 support zone.
Ethereum price extends decline
Ethereum’s price started to fall again after struggling near $2,130. ETH peaked at $2,132 and began a downward move. There was a move below the USD 2,100 and USD 2,080 levels like Bitcoin.
The price even spiked below the $2,000 support. A low was formed near USD 1,986 and the price is now consolidating losses. There was a small recovery wave above the USD 2,020 level. Ether climbed above the 23.6% Fib retracement level from the recent decline from the $2,132 swing high to the $1,986 low.
Ethereum is now trading below $2,060 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,040 zone. There is also a major bearish trendline forming with resistance around $2,040 on the hourly chart of ETH/USD.
The first major resistance is near the $2,060 level or the 50% Fib retracement level of the recent decline from the $2,132 swing high to the $1,986 low. The next resistance is at $2,100. A clear move above the USD 2,100 level could send the price towards the USD 2,135 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,150, above which the price could aim for a move towards the USD 2,200 level. Any further gains could trigger a wave towards the $2,250 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,040 resistance, it could trigger another decline. The initial downside support is near the $2,000 level.
The next major support is $1,985. A downside break below $1,985 could send Ether towards the $1,920 support. The key support is now at $1,885, below which there is a risk of a move towards the $1,820 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,985
Major resistance level – $2,040
