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ETH price was above $2,120 and long losses were not enough to stay at the top of that amount. Now, $ETH is battling to stay above $2,040 and could still be dropping in the near term.
- Ethereum started a fresh decline from the $2,150 zone.
- The price is trading below $2,120 and the 100-hourly Simple Moving Average.
- There was a break below a bullish trend line with support at $2,075 on the hourly chart of
$ETH
/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $2,120 resistance.
Ethereum Price Dips Further
ETH price was still below $2,120 and started another decline like Bitcoin. A $ETH price went down below $2,075 and $2.050 to enter a bearish zone for $TH was under the $1,005 mark.
A break below a bullish trend line with support was made at $2,075 on the hourly chart of $ETH/USD. It was also as low as $2,016 for . Recently it has redressed some losses and traded above the 23-year-olds. The down step, from the $2,167 swing high to the $1,016 low, is 6% Fib Retracement level of the downward move from its $2.167 hit-high and 66 per cent inflicted on it. But the bears remained active near the $2,075 resistance zone.
Now, Ethereum price has been below $2,065 and the 100-hourly Simple Moving Average is trading under that. If the bulls remain active above $2,020, then it could try another increase. Near the $2,075 level, there is a vague resistance to immediate.
Source: ETHUSD on TradingView.com
Source: ETHUSD on TradingView.com
Initially, the resistance to key is near the $2,100 level or the 50% Fib retracement level of this downward move from the $1,167 swing high to the $3,016 low. Near the $2,120 level of resistance is the next major resistance. The price could be shifted towards the $2,150 resistance by a clear move above the $20,120 resistance. In the future, gains may be boosted by an upside break above the $2,150 area that could call for more gains. In the case of this, Ether could move toward the $2,220 resistance zone or even $2.250 in the near term if it is not yet mentioned.
More Losses In $ETH ?
Ethereum could begin a new decline if it does not clear the $2,075 resistance that Ethereum has been fighting against. Early reassurance on the downside is close to $2,020 level. The first major support is near the $2,000 zone, where .
A definite drop below the $2,000 support could push the price toward the $1,980 support. The price could be shifted towards $1,965 area by any further losses to . One,920-900 may be the primary support for .
Technical Indicators
Hourly MACD – The MACD for $ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for $ETH/USD is now below the 50 zone.
Major Support Level – $2,020
Major Resistance Level – $2,120
Thanks for reading Ethereum Price Extends Losses $2000 Support Faces Breakdown Risk
