Ethereum price corrected below $2,050. ETH is now consolidating above the USD 2,020 support and could start a new rise in the near term.
- Ethereum is still struggling to climb above the USD 2,075 and USD 2,080 resistance levels.
- The price is trading below $2,050 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trendline with support at $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it passes the 100-hour Simple Moving Average and then $2,075.
Ethereum price cuts gains
Ethereum price struggled to break the USD 2,075 resistance zone. The bears took control and pushed ETH below the USD 2,050 level. However, Bitcoin managed to stay above the USD 37,550 support zone.
ETH traded below the 50% Fib retracement level of the upward move from the $1,986 swing low to the $2,076 high. Additionally, there was a break below a key bullish trendline with support at $2,040 on the hourly chart of ETH/USD.
Ethereum is now trading below $2,050 and the 100-hourly Simple Moving Average. It is now consolidating above the USD 2,020 support zone. On the upside, the price is facing resistance near the $2.00 zone and the 100-hourly Simple Moving Average.
The first major resistance is around the $2,075 level. The next resistance is at $2,090. A clear move above the USD 2,090 level could send the price towards the USD 2,130 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near USD 2,200, above which the price could aim for a move towards the USD 2,250 level. Any further gains could trigger a wave towards the $2,320 level.
Lose more in ETH?
If Ethereum fails to clear the USD 2,050 resistance, it could continue falling. The initial downside support is near the USD 2,020 level. The next major support is $2,000.
A downward break below $2,000 could trigger a steady decline. The key support is now at $1,930, below which there is a risk of a move towards the $1,880 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,020
Major resistance level – $2,075
