Ethereum Price Turns Bearish Below $2,000—More Losses Ahead?

Ethereum price failed to clear the $2,120 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $2,000 resistance.

• Ethereum started a fresh decline below the key support at $2,000.
• The price is trading below $2,000 and the 100-hourly Simple Moving Average.
• There is a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $1,880 and $1,950 resistance levels to start a decent increase.

Ethereum Price Dips Further

Ethereum price started a fresh decline from the $2,120 resistance, like Bitcoin. ETH declined below the $2,000 support to enter a bearish zone.

The bears gained strength for a move below the $1,880 support. Finally, the bulls appeared near the $1,750 zone. A low was formed at $1,753 and the price is now attempting a recovery wave. There was a move above the $1,800 and $1,820 resistance levels.

It cleared the 23.6% Fib retracement level of the downward move from the $2,152 swing high to the $1,753 low. Ethereum price is now trading below $2,000 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,880 level. There is also a short-term declining channel forming with resistance at $1,880 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level.

The 50% Fib retracement level of the downward move from the $2,152 swing high to the $1,753 low is also near the $1,950 level. The first major resistance is near the $2,000 level. A clear move above the $2,000 resistance might send the price toward the $2,120 resistance.

An upside break above the $2,120 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,350 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,750 zone.

A clear move below the $1,750 support might push the price toward the $1,680 support. Any more losses might send the price toward the $1,620 support level in the near term. The next key support sits at $1,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,750

Major Resistance Level – $1,880