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Ethereum Price Struggles Near Key Levels As Market Sentiment Weakens

Source Newsbtc

Ethereum price started a fresh decline and traded below $2,080. ETH is now consolidating above $2,050 and might struggle to recover.

Ethereum remained in a bearish zone after a fresh decline.
The price is trading below $2,100 and the 100-hourly Simple Moving Average.
There was a break below a bullish trend line with support at $2,095 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it stays below the $2,100 zone.

Ethereum Price Consolidates Losses

Ethereum price failed to remain stable above $2,120 and started a downside correction, like Bitcoin. ETH price dipped below the $2,110 and $2,100 levels.

The price even traded below $2,080. Besides, there was a break below a bullish trend line with support at $2,095 on the hourly chart of ETH/USD. A low was formed at $2,052, and the price is now attempting to recover. There was a recovery wave above the 23.6% Fib retracement level of the downward move from the $2,138 swing high to the $2,052 low.

Ethereum price is now trading below $2,100 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,050, the price could attempt another increase.

Immediate resistance is seen near the $2,085 level or the 38.2% Fib retracement level of the downward move from the $2,138 swing high to the $2,052 low. The first key resistance is near the $2,100 level. The next major resistance is near the $2,120 level. A clear move above the $2,120 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 $2,220 resistance zone or even $2,250 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,100 resistance, it could start a fresh decline. Initial support on the downside is near the $2,065 level. The first major support sits near the $2,050 zone.

A clear move below the $2,050 support might push the price toward the $2,020 support. Any more losses might send the price toward the $1,940 region. The main support could be $1,920.

Technical Indicators

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

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

Major Support Level – $2,050

Major Resistance Level – $2,150

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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