Ethereum tried a decent recovery but it failed above $2,000 against the US Dollar. ETH price is closing gains and it could continue to decline towards $1,850.
- Ethereum failed 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.
- There is a key bearish trend line forming with resistance near $2,060 on the hourly chart of ETH/USD (data feed via Kraken).
- Unless there is a strong close above $2,000 in the short term, the pair is likely to go down.
Ethereum Price Trims Profit
Ethereum found a strong support near the $1,700 area, as 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, Ether price failed to cross the $2,050 and $2,060 resistance levels.
It is now trading below $2,000 and 100 hourly simple moving average. The price also declined near the key 61.8% Fib retracement level of the downside move from the $2,285 high to $1,700 low. Besides, there is a major bearish trend line forming with resistance near $2,060 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate upside resistance is near the $1,950 level. The first major resistance is near the $2,000 area and the 100 hourly SMA. The main hurdle is near the trend line and $2,050. To move into a positive zone, Ether price will need to clear 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 move lower. 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 below the $1,800 area could put a lot of pressure on the bulls. In the specified case, the price is likely to revisit the $1,700 area in the near term.
hourly macd – The MACD for ETH/USD is now moving in bearish territory.
hourly rsi – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $1,850
Key Resistance Level – $2,000