Ethereum Continues to Slide, Testing Support Levels
Ethereum’s price is gradually declining and has fallen below the $2,060 mark as well as the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a significant bearish trend line is forming with resistance near $2,040. This suggests that the pair may continue to move down towards the $1,920 support zone.
Ethereum Price Faces Resistance and Consolidates Losses
After struggling near $2,130, Ethereum’s price experienced a fresh decline. It reached a high of $2,132 before starting its downward movement. The price dropped below the $2,100 and $2,080 levels and even dipped below the $2,000 support. However, it has since seen a minor recovery wave above the $2,020 level.
Currently trading below $2,060 and the 100-hourly Simple Moving Average, Ethereum faces resistance near the $2,040 zone. Additionally, there is a major bearish trend line forming on the hourly chart of ETH/USD.
Possible Resistance and Upside Potential
The first key resistance for Ethereum is at the $2,060 level or the 50% Fib retracement level. If it manages to surpass this level, the next resistance lies at $2,100. A clear move above $2,100 could propel the price towards the $2,135 resistance zone.
Further resistance levels include $2,150 and potentially even higher towards $2,200 and $2,250.
Potential for Further Decline
If Ethereum fails to break through the resistance at $2,040, it may experience another decline. The initial support level on the downside is around $2,000, followed by a key support at $1,985. A break below $1,985 could lead to a further drop towards the $1,920 support level. The major support now lies at $1,885.
Technical Indicators and Key Levels
The hourly MACD for ETH/USD indicates a loss of bullish momentum, while the hourly RSI is now below the 50 level. The major support level is at $1,985 and the major resistance level is at $2,040.
Source: ETHUSD on TradingView.com
Hot Take: Ethereum Faces Resistance and Potential Decline
Ethereum’s price is struggling to overcome resistance levels and faces the risk of further decline. With resistance near $2,040 and a major bearish trend line forming, it may continue its downward movement towards the $1,920 support zone. However, if Ethereum manages to break through these resistance levels, it could see an upside potential towards $2,135 and even higher. Traders should closely monitor these key levels and technical indicators to make informed decisions about their Ethereum investments.
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