The Ethereum price encountered difficulties staying above $2,100 and is currently on a downward trajectory, with a potential further decline towards the $1,930 support level in the short term.
Ethereum is in a consolidation phase, encountering resistance around the $2,060 mark.
The price is below $2,080 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a significant bearish trend line is forming, presenting resistance in the vicinity of $2,065.
If the $2,035 support zone is breached, there is a possibility that the pair will continue its descent.
Ethereum experiences another decline in its price.
Attempting a fresh ascent, Ethereum’s price aimed above the $2,080 resistance area and even surged past the $2,120 zone, akin to Bitcoin. However, bearish activity intensified above $2,120.
A peak was established around $2,132 before a renewed descent commenced. The price dipped below the $2,080 threshold, reaching a low near $2,037, and is currently consolidating losses. Struggling beneath the 23.6% Fibonacci retracement level of the recent drop from the $2,132 high to the $2,037 low.
Ethereum is now positioned under $2,080 and the 100-hourly Simple Moving Average. On the upside, resistance looms around the $2,065 zone, marked by a crucial bearish trend line on the hourly ETH/USD chart.
The initial significant resistance is at the $2,100 level or the 61.8% Fibonacci retracement level of the recent downturn from the $2,132 high to the $2,037 low. A decisive breakthrough above $2,100 could propel the price toward the $2,120 resistance area.
The subsequent resistance lies in the vicinity of $2,135; surpassing this point may set the stage for a push towards the $2,200 level. Further advances have the potential to initiate a surge towards the $2,250 level.
Is Ethereum Set for Further Declines?
If Ethereum is unable to surpass the $2,080 resistance, it could initiate a fresh decline. Initial support on the downside is situated around the $2,035 level.
The subsequent crucial support is at $2,000. A downside breach beneath $2,000 might propel Ether toward the $1,930 support. The primary support now rests at $1,900, and falling below this level poses the risk of a descent towards the $1,840 mark.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is exhibiting a decline in momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Significant Support Level – $2,035
Significant Resistance Level – $2,080