Ethereum Price pulls back Below $2K, Here’s The Next Target

Fee days ago on this post Here I talked about Ethereum price starting a major decline below $2,000 against the US Dollar. ETH might extend its decline and revisit the $1,860 support if the sell momentum continues as more miners keeps withdrawing their staked ETH.

Ethereum is gaining bearish momentum below the $2,000 support.

The price has been trading below $2,000 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Binance).

The pair could decline further if it breaks the $1,930 support zone.

Ethereum Price Takes Hit
Ethereum’s price struggled to climb further above the $2,125 resistance zone. ETH started a fresh decline below the $2,050 and $2,000 support levels, similar to Bitcoin.

The bearish momentum below the $2,000 support, and has tested the $1,950 support. A low is formed near $1,933 and the price is now consolidating losses. It is now trading below $2,000 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,960 zone. There is also a connecting bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD. The 23.6% Fib retracement level of the downward move from the $2,125 swing high to the $1,933 low is also just above the trend line.

An upside break above the trend line resistance might send Ethereum toward $2,000. The next major resistance is near the $2,025 zone or the 50% Fib retracement level of the downward move from the $2,125 swing high to the $1,933 low. A close above the $2,025 resistance zone could start a fresh increase.

More Losses in Ethereum ?
If it fails to clear the $1,960 resistance, it could continue to move down. Initial support on the downside is near the $1,930 level. A downside break below the $1,930 support could spark bearish moves.

The next major support is near the $1,900 zone, below which ether price might decline toward $1,860. In the stated case, the price could revisit $1,820. Any more losses may perhaps send the price toward $1,780 in the coming days.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is well below the 50 level.

Major Support Level – $1,930

Major Resistance Level – $1,960

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