The price of Ethereum is experiencing a decline from $2,130, indicating a bearish trend that could lead it towards the support level at $1,920.
Ethereum is gradually descending below the $2,060 threshold.
The price is currently trading under $2,060 and the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a significant bearish trend line is taking shape, presenting resistance around $2,040.
There is a possibility that the pair will persist in its downward movement, heading towards the support zone at $1,920.
The decline in Ethereum’s price continues.
Following a struggle near $2,130, Ethereum’s price initiated a fresh decline, reaching a peak at $2,132 and commencing a downward trajectory. The descent included breaking below the $2,100 and $2,080 levels, mirroring Bitcoin’s movement.
The price even experienced a dip below the $2,000 support, establishing a low at approximately $1,986, and is currently consolidating losses. While there was a minor recovery above the $2,020 level, Ether managed to surpass the 23.6% Fibonacci retracement level of the recent drop from the $2,132 high to the $1,986 low.
Presently, Ethereum is trading beneath $2,060 and the 100-hourly Simple Moving Average. Resistance on the upside is evident near the $2,040 zone, marked by a significant bearish trend line forming at approximately $2,040 on the hourly chart of ETH/USD.
The primary resistance lies around the $2,060 level or the 50% Fibonacci retracement level of the recent decline from the $2,132 high to the $1,986 low. Subsequent resistance is positioned at $2,100. A decisive breakthrough above the $2,100 level could propel the price toward the $2,135 resistance zone.
The subsequent resistance is around $2,150, and surpassing this level might set the stage for a potential advance toward the $2,200 threshold. Further upward momentum could initiate a surge targeting the $2,250 level.
Could Ethereum (ETH) Experience Further Declines?
The potential downside is in proximity to the $2,000 level. The subsequent crucial support stands at $1,985. A breach below $1,985 could propel Ether towards the $1,920 support. The primary support level rests at $1,885, and if breached, there is a risk of a descent toward the $1,820 level.
Technical Indicators:
- Hourly MACD: The MACD for ETH/USD is exhibiting a waning bullish momentum.
- Hourly RSI: The RSI for ETH/USD has now dipped below the 50 level.
Key Levels:
- Major Support Level: $1,985
- Major Resistance Level: $2,040