Ethereum Price Rejected Again — Is Another Leg Lower Brewing?

Ethereum price started a fresh decline and traded below $1,980. ETH is now consolidating and remain at risk of another decline below $1,920.

• Ethereum struggled to extend gains above $2,000 and corrected lower.
• The price is trading below $1,980 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1,960 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,000 zone.

Ethereum Price Remains In The Red

Ethereum price failed to stay above $2,000 and started a fresh decline, like Bitcoin. ETH price traded below the $1,980 and $1,960 levels to enter a bearish zone.

The pair dipped below the 50% Fib retracement level of the upward move from the $1,745 swing low to the $2,168 high. The bears even pushed the price toward the $1,900 support. Besides, there is a bearish trend line forming with resistance at $1,960 on the hourly chart of ETH/USD.

Ethereum price is now trading below $1,980 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,920, the price could attempt another increase. Immediate resistance is seen near the $1,960 level and the trend line.

The first key resistance is near the $2,000 level. The next major resistance is near the $2,050 level. A clear move above the $2,050 resistance might send the price toward the $2,150 resistance. An upside break above the $2,150 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,280 in the near term.

Downside Extension In ETH?

If Ethereum fails to clear the $1,960 resistance, it could start a fresh decline. Initial support on the downside is near the $1,920 level. The first major support sits near the $1,900 zone or the 61.8% Fib retracement level of the upward move from the $1,745 swing low to the $2,168 high.

A clear move below the $1,900 support might push the price toward the $1,845 support. Any more losses might send the price toward the $1,800 region. The main support could be $1,750.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,900

Major Resistance Level – $2,000