Ethereum price declined sharply alongside Bitcoin. ETH traded below $2,000, but it is still holding the key support at $1,920 and might attempt a fresh increase.
- Ethereum struggled to clear the $2,070 resistance and corrected lower.
- The price is trading below $2,000 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $2,000 hurdle.
Ethereum Price Eyes Fresh Increase
Ethereum price failed to clear the $2,070 resistance and reacted to the downside. ETH declined below the $2,000 support zone after reports of Binance’s settlement, like Bitcoin.
The bears even pushed the price below the $1,950 support zone and the 100-hourly Simple Moving Average. However, Ether stayed above the $1,920 support zone. A low was formed near $1,930 and the price is now attempting a fresh increase.
More Losses in ETH?
If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,950 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,930 Major Resistance Level – $2,000