Ethereum Price Analysis

Ethereum price remained supported above the $1,980 level. ETH is now rising and might aim for a move above the $2,050 resistance.

• Ethereum corrected lower and tested the $1,980 support level.
• The price is trading below $2,040 and the 100-hourly Simple Moving Average.
• A connecting bearish trend line is forming with resistance at $2,050 on the hourly chart (data feed via Kraken).
• The pair must clear the $2,050 and $2,100 resistance levels to start a decent increase.

Ethereum Price Faces Resistance

Ethereum price failed to continue higher above $2,100 and corrected some gains, similar to Bitcoin. ETH declined below the $2,020 and $2,000 support levels and tested the $1,980 zone. A low was formed at $1,982, and the price is again rising, surpassing the 23.6% Fib retracement level of the recent decline from the $2,097 swing high to the $1,982 low.

Currently, Ethereum is trading below $2,040 and the 100-hourly Simple Moving Average. There is a bearish trend line with resistance at $2,050 on the hourly chart of ETH/USD.

On the upside, the price faces hurdles near the $2,040 level and the 50% Fib retracement level. The next key resistance is at $2,050, with major resistance near $2,100. A clear move above $2,100 could send the price toward $2,150 and potentially reach $2,250 or $2,320 in the near term.

Possible Losses for ETH?

If Ethereum fails to clear the $2,050 resistance, it may start another decline. Initial support is near the $2,000 level, with the first major support at the $1,980 zone. A clear move below $1,980 could push the price toward $1,920 and the trend line, with further losses potentially leading to a support level of $1,880. The next key support sits at $1,810.

Technical Indicators

• Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
• Hourly RSI: The RSI for ETH/USD is now below the 50 zone.

Major Support Level: $2,000
Major Resistance Level: $2,050