Ethereum Price Attempts Recovery—Key Levels to Watch After $2,000 Drop

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Ethereum price started a fresh decline below the $2,350 zone. ETH is now correcting some losses from the $2,000 support and might face hurdles.


  • Ethereum started a fresh decline below the $2,320 support zone.

  • The price is trading below $2,220 and the 100-hourly Simple Moving Average.

  • There was a break above a connecting bearish trend line with resistance at $2,080 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair must clear the $2,230 and $2,275 resistance levels to start a decent increase.


Ethereum Price Finds Support At $2,000


Ethereum price started a fresh decline from the $2,550 resistance zone, like Bitcoin. ETH gained bearish momentum below the $2,420 and $2,350 support levels.


There was a clear move below the $2,220 support zone and the 100-hourly Simple Moving Average. The price even tested the $2,000 zone. A low was formed at $2,003 and the price is now attempting to recover above the 23.6% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.


There was a break above a connecting bearish trend line with resistance at $2,080 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,220 and the 100-hourly Simple Moving Average.


On the upside, the price seems to be facing hurdles near the $2,220 level. The first major resistance is near the $2,275 level and the 50% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.


Ethereum Price


A clear move above the $2,275 resistance might send the price toward the $2,350 resistance. An upside break above the $2,350 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,450 resistance zone or even $2,500 in the near term.


Another Drop In ETH?


If Ethereum fails to clear the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,130 level. The first major support sits near the $2,080 zone.


A clear move below the $2,080 support might push the price toward the $2,020 support. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,880.


Technical Indicators

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

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

Major Support Level – $2,080

Major Resistance Level – $2,275

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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