Ethereum Price Hesitates But This Trend Line Might Trigger Fresh Increase
Ethereum price extended its decline below $1,950 against the US Dollar. ETH could start a fresh increase if it clears the $1,960 and $2,000 resistance levels.
- Ethereum traded further lower below the $1,950 support.
- The price is trading below $1,960 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if it clears the $1,950 and $1,960 levels.
Ethereum Price Consolidates Losses
Ethereum’s price started a fresh decline from the $2,125 resistance zone. ETH gained bearish momentum after it broke the $2,000 support, similar to Bitcoin.
The bears even pushed the price below the $1,950 support. A low is formed near $1,910 and the price is now consolidating losses. Ether is now trading below $1,960 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,950 zone.
There is also a key bearish trend line forming with resistance near $1,950 on the hourly chart of ETH/USD. The 23.6% Fib retracement level of the key decline from the $2,124 swing high to the $1,910 low is also just above the trend line.
An upside break above the trend line resistance and then $1,960 might send Ethereum toward $2,000. The next major resistance is near the $2,020 zone or the 50% Fib retracement level of the key decline from the $2,124 swing high to the $1,910 low. A close above the $2,020 resistance zone could start a fresh increase.
Source: ETHUSD on TradingView.com
In the stated case, the price could rise toward the $2,080 resistance. Any more gains could send Ether toward the $2,125 resistance in the near term.
More Losses in ETH?
If Ethereum fails to clear the $1,95s0 resistance, it could continue to move down. Initial support on the downside is near the $1,920 level or the recent low.
The next major support is near the $1,900 zone, below which ether price might gain bearish momentum. In the stated case, the price might decline toward $1,860. Any more losses may perhaps send the price toward $1,820 in the coming days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,920
Major Resistance Level – $1,960
