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Cryptocurrency : Why Ethereum (ETH) Key Indicators Suggest A New Fall Below $ 2K

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Ethereum failed to stay above $ 2,100 and is now moving lower against the US Dollar. The ETH price is likely to continue lower and could even exceed $ 2,000.

Ethereum started a new decline from well above the $ 2,200 support zone. The price is now trading below $ 2,100 and the 100 hourly simple moving average. There was a break below a major uptrend line with support near $ 2,100 on the hourly chart of ETH / USD (data feed via Kraken). The pair could decline considerably if there is a break below the $ 2,000 support zone in the near term.

Ethereum price is gaining a bearish pace

After struggling to stay above $ 2,250, Ethereum started a new decline. ETH broke the $ 2,200 and $ 2,150 support levels to move into a short-term bearish zone.

The price picked up pace below the $ 2,150 level and even surpassed $ 2,120. There was a break below the 23.6% Fib retracement level of the up move from the $ 1,718 low to $ 2,289 high. There was also a break below a major uptrend line with support near $ 2,100 on the ETH / USD hourly chart.

The pair is now trading below $ 2,100 and the 100 hourly simple moving average. An immediate support on the downside is near the $ 2,050 level. The first major support is near the $ 2,000 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the up move from the $ 1,718 low to $ 2,289 high is close to the $ 2,000 level. If there is a clear break below $ 2,000, the price could decline considerably. In the indicated case, the price could fall towards the $ 1,850 level. The next major support on the downside is near the $ 1,700 level.

New increase in ETH?

If Ethereum sustains above the $ 2,050 or $ 2,000 support zone, a new surge could start. An immediate resistance on the upside is near the $ 2,120 level and the 100 hourly SMA.

The main breakout resistance is now forming near the $ 2,150 and $ 2,160 levels. A close above the $ 2,160 level could initiate a major rally towards the $ 2,250 level or even $ 2,320 in the coming sessions.

Technical indicators

MACD per hour : The MACD for ETH / USD is slowly gaining pace in the bearish zone.

RSI per hour : The RSI for ETH / USD is currently below the 50 level.

Major Support Level – $ 2,000

Major Resistance Level – $ 2,150

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