Credit: Original article published by newsbtc.

Ethereum extended its decline below the $2,000 support against the US Dollar. ETH price is now consolidating losses and it could start a fresh increase if it clears $2,010.

  • Ethereum extended its decline below the $2,050 and $2,000 support levels.
  • The price is now trading well below $2,050 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears the $2,010 resistance zone.

Ethereum Price Steadies Above $1,950

After another failure above $2,100, Ethereum started a downside correction. ETH traded below the $2,050 and $2,010 support levels. It even broke the $2,000 level and settled below the 100 hourly simple moving average, similar to bitcoin.

A low was formed near $1,937 before the price started a short-term upside correction. Ether climbed above the $1,960 and $1,975 levels. There was a break above the 23.6% Fib retracement level of the recent drop from the $2,132 high to $1,937 low.

It seems like the price is now forming a breakout pattern with resistance near $2,010. A clear break above the $2,010 resistance could lead the price towards the $2,035 level.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent drop from the $2,132 high to $1,937 low is near $2,050 to act as a resistance. There is also a major bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD.

To move into a bullish zone, ether price must break the $2,010 resistance and then gain strength for a move above the trend line resistance.

More Losses in ETH?

If Ethereum fails to clear the $2,010 resistance, it could correct further lower. The first major support is now forming near the $1,960 level and the triangle lower trend line.

The main support is now near the $1,940 level. A clear downside break below the triangle support and the $1,940 zone could lead the price towards the $1,880 support level in the coming sessions. Any more losses will most likely call for a test of $1,850.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now approaching the 50 level.

Major Support Level – $1,960

Major Resistance Level – $2,060

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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