Ethereum Price Reverses Under $2,000, Bulls On The Back Foot
Analysis
Price Impact
MedEthereum price has reversed below the critical $2,000 level, breaking a bullish trend line and trading below key moving averages, indicating significant selling pressure.
Trustworthiness
HighThe source adheres to a strict editorial policy, with content created by industry experts, meticulously reviewed for accuracy, relevance, and impartiality, upholding high reporting standards.
Price Direction
BearishEth failed to hold above $2,050 and $2,000, breaking a bullish trend line on the hourly chart. it is trading below the 100-hourly simple moving average, with macd gaining bearish momentum and rsi below 50. further declines are possible if $1,930 is not held.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance/support levels, and 'coming days' for potential movements, indicating a short-term outlook.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a fresh decline and traded below $2,000. ETH is now consolidating and remains at risk of another decline below $1,940. Ethereum struggled to extend gains above $2,050 and corrected lower. The price is trading below $2,000 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at $2,035 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,000 zone. Ethereum Price Dips Again Ethereum price failed to stay above $2,050 and started a fresh decline, like Bitcoin . ETH price traded below the $2,040 and $2,020 levels to enter a bearish zone. The pair dipped below the 50% Fib retracement level of the upward move from the $1,895 swing low to the $2,106 high. Besides, there was a break below a bullish trend line with support at $2,035 on the hourly chart of ETH/USD. The bears even pushed the price toward the $1,950 support. Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,920, the price could attempt another increase. Immediate resistance is seen near the $1,980 level. Source: ETHUSD on TradingView.com The first key resistance is near the $2,000 level. The next major resistance is near the $2,025 level. A clear move above the $2,025 resistance might send the price toward the $2,045 resistance. An upside break above the $2,045 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,150 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,945 level. The first major support sits near the $1,930 zone or the 83.2% Fib retracement level of the upward move from the $1,895 swing low to the $2,106 high. A clear move below the $1,930 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,820 region. The main support could be $1,780. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $1,930 Major Resistance Level – $2,000