Ethereum price remained supported above the $1,980 level. ETH is now rising and might aim for a move above the $2,050 resistance.
Ethereum corrected lower and tested the $1,980 support level.
The price is trading below $2,040 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,050 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,050 and $2,100 resistance levels to start a decent increase.
Ethereum Price Faces Resistance
Ethereum price failed to continue higher above $2,100 and corrected some gains, like Bitcoin. ETH declined below the $2,020 and $2,000 support levels.
It tested the $1,980 zone. A low was formed at $1,982 and the price is again rising. There was a move above the $2,000 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low.
Ethereum price is now trading below $2,040 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,050 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,040 level and the 50% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low. The next key resistance is near the $2,050 level. The first major resistance is near the $2,100 level.
A clear move above the $2,100 resistance might send the price toward the $2,150 resistance. An upside break above the $2,150 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 $2,320 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,050 resistance, it could start another decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,980 zone.
A clear move below the $1,980 support might push the price toward the $1,920 support and the trend line. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,810.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,000
Major Resistance Level – $2,050
