- Ethereum (ETH) experiences a fresh decline after reaching $2,132.
- ETH drops below $2,100, $2,080, and even $2,000, entering a consolidation phase.
- Key resistance levels include $2,040, $2,060, and $2,100, with potential for further gains if $2,100 is surpassed.
Ethereum’s price embarked on a downward journey after encountering a barrier around $2,130. ETH achieved a peak at $2,132 but swiftly began its descent, mirroring Bitcoin’s trend. The decline saw ETH drop below the crucial levels of $2,100 and $2,080, similar to the trajectory of Bitcoin.
The price even dipped below the significant $2,000 support, reaching a low of approximately $1,986. Presently, the price is undergoing consolidation, with a minor recovery that pushed it above the $2,020 level. Ether managed to surpass the 23.6% Fibonacci retracement level of the recent drop, calculated from the $2,132 high to the $1,986 low.
Ethereum’s Recent Price Movements
As it stands, Ethereum is trading below $2,060 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is encountered near the $2,040 zone, marked by a substantial bearish trend line forming on the ETH/USD hourly chart.
The primary resistance level lies at approximately $2,060 or the 50% Fibonacci retracement level, calculated from the recent drop from the $2,132 high to the $1,986 low. Beyond this, the next resistance is positioned at $2,100. A clear break above $2,100 may propel the price towards the $2,135 resistance zone.
Further resistance awaits at $2,150, with the potential to trigger a move towards the coveted $2,200 level. Subsequent gains could initiate a bullish wave targeting $2,250.
However, if Ethereum fails to breach the $2,040 resistance, a fresh decline might ensue. Initial support on the downside can be found near the $2,000 level.
In the event of a downside break below $1,985, Ether could gravitate towards the $1,920 support. The key support level is now at $1,885, and a breach below this level carries the risk of a move towards the $1,820 level.
Analyzing the technical indicators, the Hourly MACD for ETH/USD is exhibiting a loss of momentum in the bullish zone, while the Hourly RSI has dipped below the 50 level.
Ethereum faces a challenging period as it grapples with resistance levels, and investors will closely monitor its performance to determine its future trajectory.
