Read full article at newsbtc.

Ethereum started an upside correction from the $1,865 zone against the US Dollar. ETH price climbed above $2,000, but it is facing a strong resistance near $2,050.

  • Ethereum tested the $1,865 zone before it started a decent recovery wave.
  • The price is still trading well below the $2,050 resistance and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $1,945 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls must protect $1,950 to avoid more downsides in the near term.

Ethereum Price Struggles Above $2K

After a close below $2,000, ethereum extended its decline, similar to bitcoin. ETH price even broke the $1,920 support level and it settled well below the 100 hourly simple moving average.

A low was formed near $1,865 and the price recently started an upside correction. There was a break above the $1,920 and $1,950 resistance levels. There was also a break above a connecting bearish trend line with resistance near $1,945 on the hourly chart of ETH/USD.

Ether even climbed above the $2,000 resistance zone. However, the price is struggling near $2,050 and the 100 hourly simple moving average. A high is formed near $2,039 and the price is now moving lower.

Source: ETHUSD on TradingView.com

It broke the 23.6% Fib retracement level of the upward move from the $1,865 swing low to $2,040 high. On the upside, the price is clearly facing a strong resistance near the $2,050 zone and the 100 hourly SMA. If ether settles above $2,050, there could be a strong increase. The next major resistance is near the $2,080 level.

Fresh Decline in ETH?

If Ethereum fails to recover above $2,040 and $2,050, it could continue to move down. An initial support on the downside is near the $1,980 level.

The first major support is near the $1,950 level. The 50% Fib retracement level of the upward move from the $1,865 swing low to $2,040 high is also near the $1,950 level. If ether fails to stay above the $1,950 support, it could decline towards the $1,865 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is moving lower towards the 50 level.

Major Support Level – $1,950

Major Resistance Level – $2,050

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

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.