Ethereum Price Extends Losses, $2,000 Support Faces Breakdown Risk

Ethereum price failed to stay above $2,120 and extended losses. ETH is now struggling to stay above $2,040 and might continue to move down in the near term.

• Ethereum started a fresh decline from the $2,150 zone.
• The price is trading below $2,120 and the 100-hourly Simple Moving Average.
• There was a break below a bullish trend line with support at $2,075 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $2,120 resistance.

Ethereum price failed to continue higher above $2,120 and started a fresh decline, like Bitcoin. ETH price declined below $2,075 and $2,050 to enter a bearish zone.

There was a break below a bullish trend line with support at $2,075 on the hourly chart of ETH/USD. The price traded as low as $2,016. It recently corrected some losses and traded above the 23.6% Fib retracement level of the downward move from the $2,167 swing high to the $2,016 low. However, the bears remained active near the $2,075 resistance zone.

Ethereum price is now trading below $2,065 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,020, the price could attempt another increase. Immediate resistance is seen near the $2,075 level.

The first key resistance is near the $2,100 level or the 50% Fib retracement level of the downward move from the $2,167 swing high to the $2,016 low. 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.

If Ethereum fails to clear the $2,075 resistance, it could start a fresh decline. Initial support on the downside is near the $2,020 level. The first major support sits near the $2,000 zone.

A clear move below the $2,000 support might push the price toward the $1,980 support. Any more losses might send the price toward the $1,965 region. The main support could be $1,920.

Technical Indicators

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

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

Major Support Level – $2,020

Major Resistance Level – $2,120