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Ethereum Price Analysis: ETH Could Tumble Below $2,000

Summary:
Ethereum price failed to recover above ,200 and started a fresh decline against the US Dollar. ETH price is now trading well below ,200 and the 55 simple moving average (4-hours). There was a break below a major bullish trend line with support near ,100 on the 4-hours chart (data feed from Coinbase). The pair is likely to accelerate lower if there is a close below the ,000 support zone. Ethereum price is struggling to stay above ,000 against the US Dollar. ETH/USD could decline heavily if it fails to stay above ,000 and ,950. Ethereum Price Analysis Recently, ethereum started a decent recovery above the ,150 level against the US Dollar. ETH price even spiked above the ,180 level, but it failed to surpass the ,200 resistance and the 55 simple moving

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  • Ethereum price failed to recover above $2,200 and started a fresh decline against the US Dollar.
  • ETH price is now trading well below $2,200 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $2,100 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to accelerate lower if there is a close below the $2,000 support zone.

Ethereum price is struggling to stay above $2,000 against the US Dollar. ETH/USD could decline heavily if it fails to stay above $2,000 and $1,950.

Ethereum Price Analysis

Recently, ethereum started a decent recovery above the $2,150 level against the US Dollar. ETH price even spiked above the $2,180 level, but it failed to surpass the $2,200 resistance and the 55 simple moving average (4-hours).

A swing high was formed near $2,192 and the price started a fresh decline. It broke the $2,150 and $2,100 support levels. There was also a break below a major bullish trend line with support near $2,100 on the 4-hours chart.

The price even tested the $2,000 support zone. A low is formed near $2,002 and the price is now consolidating losses. An initial resistance on the upside is near the $2,050 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,192 swing high to $2,002 low.

The first major resistance is near the broken trend line and $2,100. It is near the 50% Fib retracement level of the recent decline from the $2,192 swing high to $2,002 low.

A clear break above the $2,100 level may possibly push the price towards the main $2,200 resistance zone. To move into a positive zone, the price must settle above $2,200 and the 55 simple moving average (4-hours).

Conversely, the price could accelerate lower below the $2,000 support. The next key support is near the $1,950 level. Any more losses might lead the price towards the $1,750 support zone.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $2,200 zone and the 55 simple moving average (4-hours). Overall, ether price is likely to accelerate lower if there is a close below the $2,000 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is well below the 50 level.

Key Support Levels – $2,000, followed by the $1,950 zone.

Key Resistance Levels – $2,100 and $2,200.

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