Cryptocurrency News

Ethereum Fails Above $2K, Why ETH Might Resume Its Slide


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.

technical indicators

hourly macdThe MACD for ETH/USD is now moving in bearish territory.

hourly rsiThe RSI for ETH/USD is currently below the 50 level.

Key Support Level – $1,850

Key Resistance Level – $2,000



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