Monday, February 26, 2024
Homebtc newsEthereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support

Ethereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support

Ethereum price is moving lower from $2,130. ETH is showing a few bearish signs and might decline toward the $1,920 support zone.

  • Ethereum is slowly moving lower below the $2,060 zone.
  • The price is trading below $2,060 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down toward the $1,920 support zone.

Ethereum Price Extends Decline

Ethereum price started a fresh decline after it struggled near $2,130. ETH formed a high at $2,132 and started a downward movement. There was a move below the $2,100 and $2,080 levels, like Bitcoin.

The price even spiked below the $2,000 support. A low was formed near $1,986 and the price is now consolidating losses. There was a minor recovery wave above the $2,020 level. Ether climbed above the 23.6% Fib retracement level of the recent drop from the $2,132 swing high to the $1,986 low.

Ethereum is now trading below $2,060 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,040 zone. There is also a major bearish trend line forming with resistance near $2,040 on the hourly chart of ETH/USD.

The first key resistance is near the $2,060 level or the 50% Fib retracement level of the recent drop from the $2,132 swing high to the $1,986 low. The next resistance sits at $2,100. A clear move above the $2,100 level could send the price toward the $2,135 resistance zone.

Ethereum Price
Ethereum Price Chart

Source: ETHUSD on inew.news

The next resistance is near $2,150, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level.

More Losses in ETH?

If Ethereum fails to clear the $2,040 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level.

The next key support is $1,985. A downside break below $1,985 might send Ether toward the $1,920 support. The key support is now at $1,885, below which there is a risk of a move toward the $1,820 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,985

Major Resistance Level – $2,040

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LAST NEWS

Featured NEWS