Ethereum price found support near $1,928 and recovered some losses. ETH is now consolidating and faces key hurdles near $2,020.
Ethereum is attempting a fresh recovery wave above $1,950.
The price is trading below $2,020 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $2,020 zone.
Ethereum Price Faces Resistance
Ethereum price failed to stay above $2,000 and started a fresh decline, like Bitcoin. ETH price traded below the $1,950 and $1,940 levels to enter a bearish zone.
Finally, the bulls appeared near $1,925. A low was formed at $1,928, and the price started a recovery wave. There was a move above the $1,950 resistance. The price even spiked above the 38.2% Fib retracement level of the downward move from the $2,101 swing high to the $1,928 low.
Ethereum price is now trading below $2,020 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,950, the price could attempt another increase. Immediate resistance is seen near the $2,020 level or the 50% Fib retracement level of the downward move from the $2,101 swing high to the $1,928 low.
The first key resistance is near the $2,035 level. The next major resistance is near the $2,060 level. A clear move above the $2,060 resistance might send the price toward the $2,120 resistance. An upside break above the $2,120 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,150 resistance zone or even $2,185 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,970 level. The first major support sits near the $1,940 zone or the trend line.
A clear move below the $1,940 support might push the price toward the $1,880 support. Any more losses might send the price toward the $1,820 region. The main support could be $1,780.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,940
Major Resistance Level – $2,020
