Ethereum Price Dips Approaching $2,020: Continued Downward Pressure

Ethereum's price could not break through the $2,200 barrier and is now on the decline. ETH is currently stabilizing above $2,020 but may face challenges in initiating a recovery.

Key Takeaways

Ethereum has experienced a decline, failing to hold above $2,150.
The current trading price is below $2,120 and also below the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2,135 on the hourly ETH/USD chart.
If Ethereum remains below $2,120, further declines could occur.

Ethereum Price Drops Near $2,020

Ethereum Price Weakness Continues

Ethereum's price was unable to maintain levels above $2,150, leading to a new decline similar to Bitcoin's recent trend. The value fell below $2,120 and further down to $2,080, entering a bearish phase. The price was pushed down to around $2,020, forming a low at $2,032. Currently, Ethereum is stabilizing near the 23.6% Fibonacci retracement level of the recent downward trend from the swing high of $2,199 to the low of $2,032. Additionally, there is a significant bearish trend line with resistance situated at $2,135 on the hourly ETH/USD chart.

At present, Ethereum is trading below $2,120 and the 100-hourly Simple Moving Average. Should the bulls manage to hold above $2,020, there could be a chance for another upward move, with immediate resistance appearing near the $2,100 mark.

Ethereum Price Source: ETHUSD on TradingView.com

The initial key resistance level is situated around the $2,120 point, which aligns with the 50% Fibonacci retracement level of the decline from $2,199 to $2,032. The subsequent major resistance lies at approximately $2,135, coinciding with the trend line. A decisive move above this resistance could propel the price towards the $2,200 level. A breakthrough beyond $2,200 may lead to further gains, with potential targets around $2,245 or even $2,320 in the short term.

Further Declines for ETH?

Should Ethereum struggle to surpass the resistance at $2,135, it might initiate a new decline. The first level of support on the downside is nearing the $2,050 mark, while the primary significant support is around $2,020.

A definitive move below the $2,020 support could lead the price down to the $1,980 support level. Continued losses could send Ethereum toward the $1,950 area, with major support eventually at $1,880.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is showing a loss of momentum within the bearish zone.
Hourly RSI: The RSI for ETH/USD now sits below the 50 mark.

Major Support Level: $2,020
Major Resistance Level: $2,135