Ethereum Price Tumbles Hard, Bears Tighten Grip On Market Momentum

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 $2,050. ETH is now consolidating below $2,150 and might struggle to recover. Ethereum started a downside extension below the $2,150 zone. The price is trading below $2,150 and the 100-hourly Simple Moving Average. There is a connecting trend line forming with support at $2,050 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $2,150 zone. Ethereum Price Extends Losses Ethereum price failed to remain stable above $2,220 and started a downside correction, like Bitcoin . ETH price dipped below the $2,200 and $2,150 levels. The price even traded below $2,050. A low was formed at $1,914 on Kraken, and the price is now consolidating losses. There was a recovery wave above the 50% Fib retracement level of the downward move from the $2,197 swing high to the $1,914 low. Ethereum price is now trading below $2,150 and the 100-hourly Simple Moving Average . Besides, there is a connecting trend line forming with support at $2,050 on the hourly chart of ETH/USD. If the bulls remain in action above $2,050, the price could attempt another increase. Immediate resistance is seen near the $2,130 level. The first key resistance is near the $2,150 level or the 76.4% Fib retracement level of the downward move from the $2,197 swing high to the $1,914 low. Source: ETHUSD on TradingView.com The next major resistance is near the $2,200 level. A clear move above the $2,200 resistance might send the price toward the $2,250 resistance. An upside break above the $2,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,300 resistance zone or even $2,320 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,150 resistance, it could start a fresh decline. Initial support on the downside is near the $2,085 level. The first major support sits near the $2,050 zone. A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,920 region. The main support could be $1,880. 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 – $2,050 Major Resistance Level – $2,150