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Ethereum is facing an uphill task near the $2,000 zone against the US Dollar. ETH price remains at a risk of a larger decline below the $1,800 support zone.

  • Ethereum started a fresh decline after it failed to surpass the $2,000 resistance zone.
  • The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if it fails to move above the $1,950 and $2,000 resistance levels.

Ethereum Price Turns Red

After a failed attempt to clear the $2,000 resistance, ethereum started a fresh decline, similar to bitcoin. ETH price broke the $1,950 support and it settled well below the 100 hourly simple moving average.

The price even declined below the $1,920 support, but the bulls are defending the $1,850 support zone. The recent low was formed near $1,866 and the price is now correcting higher. It is testing the $1,900 resistance zone.

The 23.6% Fib retracement level of the recent decline from the $1,993 swing high to $1,866 low is also near $1,900. The next key resistance is near the $1,920 level and the 100 hourly simple moving average.

The $1,920 resistance is close to the 50% Fib retracement level of the recent decline from the $1,993 swing high to $1,866 low. There is also a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

A proper break above the trend line resistance is must for a strong move above the $2,000 resistance. The next major resistance is near the $2,050 zone.

Fresh Decline in ETH?

If Ethereum fails to recover above $1,920 and $1,950, it could continue to move down. An initial support on the downside is near the $1,865 level.

The first major support is near the $1,850 level. If ether fails to stay above the $1,850 support, it could decline towards the $1,800 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term.

Technical Indicators

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

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

Major Support Level – $1,850

Major Resistance Level – $1,950

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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