Ethereum tried a decent recovery, but failed above $ 2,000 against the US Dollar. The price of ETH is cutting earnings and it could continue to decline towards $ 1,850.
Ethereum was unable to clear the $ 2,050 and $ 2,060 resistance levels. The price is trading well below $ 2,000 and the 100 hourly simple moving average. A crucial downtrend line is forming with resistance near $ 2,060 on the ETH / USD hourly chart (data feed via Kraken). The pair is likely to continue lower unless there is a strong close above $ 2,000 in the short term.
Ethereum Price Slashes Profits
Ethereum found strong support near the $ 1,700 zone, like bitcoin. ETH started a decent recovery wave above the $ 1,800 and $ 1,900 levels.
There was a break above the 50% Fib retracement level of the key decline from the $ 2,285 high to $ 1,700 low. However, the cleared ether price did not break above the $ 2,050 and $ 2,060 resistance levels.
It is now trading well below $ 2,000 and the 100 hourly simple moving average. The price also failed near the 61.8% Fib retracement level of the key drop from the $ 2,285 high to $ 1,700 low. Furthermore, a crucial downtrend line is forming with resistance near $ 2,060 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $ 1,950 level. The first major resistance is near the $ 2,000 zone and the 100 hourly SMA. The main barrier is near the trend line and $ 2050. To move into a positive zone, the price of ether must break above the $ 2,000 and $ 2,050 levels in the near term.
More losses in ETH?
If Ethereum fails to clear the $ 2,000 and $ 2,050 resistance levels, it could continue to decline. An initial support on the downside is near the $ 1,850 level.
The first major support is now forming near the $ 1,820 level. The main support is now forming near the $ 1,800 level. A break to the downside below the $ 1,800 zone could put a lot of pressure on the bulls. In the indicated case, the price is likely to revisit the $ 1,700 zone in the near term.
MACD per hour : The MACD for ETH / USD is now moving in the bearish zone.
RSI per hour : The RSI for ETH / USD is currently below the 50 level.
Major Support Level – $ 1,850
Major Resistance Level – $ 2,000