Ethereum Price Extends Pullback, $1,920 Support Now Under Threat

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 below $2,000. ETH is now correcting gains above $1,920 and might decline further in the near term. Ethereum started a downside correction below the $2,020 zone. The price is trading below $2,000 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2,020 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 Further Ethereum price started a fresh decline after it failed to stay above $2,020, like Bitcoin . ETH price declined below $2,000 to enter a bearish zone. Besides, there was a break below a key bullish trend line with support at $2,020 on the hourly chart of ETH/USD. The pair even dipped below $1,920. A low was formed at $1,912, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low. 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 $2,020 level. The next major resistance is near the $2,050 level or the 50% Fib retracement level of the downward move from the $2,200 swing high to the $1,912 low. A clear move above the $2,050 resistance might send the price toward the $2,120 resistance. An upside break above the $2,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,200 resistance zone or even $2,250 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,920 level. The first major support sits near the $1,880 zone. A clear move below the $1,880 support might push the price toward the $1,850 support. Any more losses might send the price toward the $1,810 region. The main support could be $1,750. 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 – $1,920 Major Resistance Level – $2,020