Ethereum price started a recovery wave above $2,000. ETH is now consolidating and remain at risk of another decline below $1,980.
- Ethereum struggled to extend gains above $2,120 and corrected lower.
- The price is trading below $2,050 and the 100-hourly Simple Moving Average.
- There is a contracting triangle forming with resistance at $2,040 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 zone.
Ethereum Price Dips Again
Ethereum price managed to form a base above $1,950 and started a recovery wave, like Bitcoin. ETH price traded above the $1,980 and $2,020 resistance levels.
The pair even spiked above $2,140. A high was formed at $2,168, and the price is now moving lower. There was a drop below $2,050. The price tested the 38.2% Fib retracement level of the upward move from the $1,745 swing low to the $2,168 high.
Ethereum price is now trading below $2,050 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase. Immediate resistance is seen near the $2,050 level. There is also a contracting triangle forming with resistance at $2,040 on the hourly chart of ETH/USD.
The first key resistance is near the $2,065 level. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,165 resistance. An upside break above the $2,165 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,280 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $2,065 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,950 zone or the 50% Fib retracement level of the upward move from the $1,745 swing low to the $2,168 high.
A clear move below the $1,950 support might push the price toward the $1,900 support. Any more losses might send the price toward the $1,850 region. The main support could be $1,820.
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 – $2,000
Major Resistance Level – $2,065
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