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Ethereum Consolidates Below $2K: What Could Trigger A Sharp Decline?
Ethereum started a downside correction from the $2,000 resistance against the US Dollar. ETH is consolidating and might decline further towards $1,810.
Ethereum started a downside correction below the $1,950 level.
The price is now trading below $1,950 and the 100 hourly simple moving average.
There was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to decline if it stays below the $1,950 pivot level.
Ethereum Price Dips
Ethereum made a couple of attempts to gain strength above the $2,000 resistance zone. However, ETH failed to extend gains and started a downside correction below the $1,950 level.
There was a clear move below the $1,920 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USD. Ether price even declined below the $1,900 level.
A low is formed near $1,862 and the price is now consolidating losses. It is now trading below $1,950 and the 100 hourly simple moving average.
Immediate resistance on the upside is near the $1,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,030 swing high to the $1,862 low. The first major resistance is near the $1,945 and $1,950 levels.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $2,030 swing high to the $1,862 low is also near the $1,950 level to act as key resistance. A clear move above the $1,950 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,080 resistance zone in the near term.
More Losses in ETH?
If Ethereum fails to rise above the $1,950 resistance, it could continue to move down. Initial support on the downside is near the $1,862 zone.
The next major support is near $1,850, below which there is a risk of a move towards the $1,810 level. If the bears remain in action, the price could even decline towards the $1,720 level.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 levels.
Major Support Level – $1,860
Major Resistance Level – $1,950
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