Ethereum Price Rejected Again — Is Another Leg Lower Brewing?
Ethereum worth began a contemporary decline and traded under $1,980. ETH is now consolidating and stay liable to one other decline under $1,920.
- Ethereum struggled to increase beneficial properties above $2,000 and corrected decrease.
- The worth is buying and selling under $1,980 and the 100-hourly Simple Moving Average.
- There is a bearish development line forming with resistance at $1,960 on the hourly chart of ETH/USD (information feed by way of Kraken).
- The pair may begin a contemporary decline if it stays under the $2,000 zone.
Ethereum Price Remains In The Red
Ethereum worth failed to remain above $2,000 and began a contemporary decline, like Bitcoin. ETH worth traded under the $1,980 and $1,960 ranges to enter a bearish zone.
The pair dipped under the 50% Fib retracement stage of the upward transfer from the $1,745 swing low to the $2,168 high. The bears even pushed the worth towards the $1,900 help. Besides, there’s a bearish trend line forming with resistance at $1,960 on the hourly chart of ETH/USD.
Ethereum worth is now buying and selling under $1,980 and the 100-hourly Simple Moving Average. If the bulls stay in motion above $1,920, the worth may try one other improve. Immediate resistance is seen close to the $1,960 stage and the development line.
The first key resistance is close to the $2,000 stage. The subsequent main resistance is close to the $2,050 stage. A transparent transfer above the $2,050 resistance may ship the worth towards the $2,150 resistance. An upside break above the $2,150 area may name for extra beneficial properties within the coming days. In the acknowledged case, Ether may rise towards the $2,250 resistance zone and even $2,280 within the close to time period.
Downside Extension In ETH?
If Ethereum fails to clear the $1,960 resistance, it may begin a contemporary decline. Initial help on the draw back is close to the $1,920 stage. The first main help sits close to the $1,900 zone or the 61.8% Fib retracement stage of the upward transfer from the $1,745 swing low to the $2,168 high.
A transparent transfer under the $1,900 help may push the worth towards the $1,845 help. Any extra losses may ship the worth towards the $1,800 area. The most important help may very well be $1,750.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.
Hourly RSI – The RSI for ETH/USD is now under the 50 zone.
Major Support Level – $1,900
Major Resistance Level – $2,000
