Ethereum Price Faces Further Pullback, $1,920 Support at Risk

Ethereum's price has recently declined below the $2,000 mark. Currently, it is correcting gains just above the $1,920 level, which is now under significant threat of further decline.

Key Takeaways

Ethereum has experienced a downturn, dropping below the crucial $2,020 level.
The price is currently trading under $2,000 and below the 100-hour Simple Moving Average (SMA).
A pivotal bullish trend line was breached, with key support now at $2,020 based on the hourly ETH/USD chart.
The ETH price may continue to decline if it stays below the $2,000 mark.

Ethereum Price Extends Pullback

Ethereum Price Experiences Steep Decline

Ethereum has begun a new decline after failing to maintain its position above $2,020. In a manner similar to Bitcoin, the price has now fallen below the $2,000 threshold, entering into a bearish trend. Additionally, it broke below a crucial bullish trend line with support at $2,020 on the hourly chart for ETH/USD. The Ethereum price even dipped below $1,920, reaching a low of $1,912. Currently, it’s consolidating losses beneath the 23.6% Fibonacci retracement level, calculated from the swing high of $2,200 down to the $1,912 low.

ETH is trading below $1,980 and the 100-hour Simple Moving Average. If bullish activity persists above the $1,920 support level, an increase in price could be possible, with immediate resistance observed just around the $1,980 mark.

Ethereum Price Source: ETHUSD on TradingView.com
The initial point of resistance lies near $2,020, while the next significant resistance can be found near the $2,050 level or at the 50% Fibonacci retracement level of the downward movement from $2,200 to $1,912. If there is a clear move above the $2,050 resistance, it could propel the price towards the $2,120 resistance level. A breakout above the $2,120 region might indicate stronger gains in the days to come, potentially bringing Ether's price closer to the $2,200 resistance zone or even as high as $2,250 shortly.

Is Further Losses Inevitable for ETH?

Should Ethereum fail to overcome the $2,020 resistance barrier, a new decline may ensue. Initial support is positioned around the $1,920 level, while the first major support zone lies near $1,880. A decisive move below the $1,880 support could signify a push towards the $1,850 area. If the losses continue, the price could potentially drop to the $1,810 region, with major support identified at $1,750.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining bearish momentum.
Hourly RSI: The RSI for ETH/USD is currently positioned below the 50 level.

Major Support Level: $1,920

Major Resistance Level: $2,020