Ethereum Struggles at $2,000 Level
If you’ve been following Ethereum’s price movements, you would have noticed that it recently struggled to clear the $2,070 resistance and corrected lower. The price is currently trading below $2,000 and the 100-hourly Simple Moving Average. In addition, there is a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD.
Ethereum Price Eyes Fresh Increase
Following reports of Binanceβs settlement, Ethereum’s price failed to clear the $2,070 resistance and reacted to the downside. This led to the price declining below the $2,000 support zone and even slipping below the 100-hourly Simple Moving Average. However, Ether managed to stay above the $1,920 support zone and is now attempting a fresh increase. It broke the 23.6% Fib retracement level but is still facing resistance near the $1,990 zone.
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More Losses in ETH?
If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline with initial support near the $1,950 level. The next key support is $1,930 or $1,920. The main support is still near $1,905, and a downside break could trigger more losses toward the $1,820 support zone in the near term. The technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI for ETH/USD is now near the 50 level.
Hot Take: The Future of Ethereum
Ethereum’s struggle to clear the $2,000 resistance level poses significant challenges for an immediate bullish trend. With the current technical indicators showing a bearish trend, it seems that ETH may face continued pressure in the short term. However, a decisive break above $2,000 could potentially spark bullish moves, setting the stage for a potential run toward $2,120 and beyond.
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