Ethereum prices remained supported beyond the $1,980 level. ETH is now integrated, with the downside being at risk of breaks.
- Ethereum struggled to surpass the $2,050 resistance level.
- The price is below $2,020 and trades a simple 100-hour moving average.
- The ETH/USD hourly wage chart (data feed via Kraken) has a bearish trendline for connections formed with a $2,040 resistance.
- The pair must complete resistance levels of $2,040 and $2,100 and start a decent increase.
Ethereum prices drop again
Ethereum prices were unable to continue above $2,100, and some profits have been fixed, such as Bitcoin. ETH has fallen below the $2,040 and $2,020 support levels.
We tested the $1,980 zone. The lowest was formed at $1,982, and prices have recently attempted a new upward movement. There was a move above the $2,020 level. Prices tested a 50% FIB retracement level of its recent decline from the recent $2,098 swing to the $1,982 low.
Ethereum prices are currently below $2,020, trading a simple 100-hour moving average. Additionally, the ETH/USD hourly wage chart has a bearish trendline connecting with resistance at $2,040.
The advantage is that the price appears to be facing a hurdle close to the $2,040 level. The next major resistance is close to the $2,050 level, at a 61.8% FIB retracement level from the recent swing high of $2,098 to the $1,982 low. The first major resistance is close to the $2,095 level.
A clear move outweighing the $2,095 resistance could potentially send the price towards the $2,150 resistance. A cross section of the rise above $2,150 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $2,250, and even in the short term, $2,320.
What are the drawbacks of ETH?
If Ethereum fails to clear the $2,040 resistance, it could start another reduction. The initial support for the downside is close to the $2,000 level. The first major support is near the $1,980 zone.
A clear move below $1,980 support could push the price up to $1,880 support. Any further losses could send prices towards a support level of $1,820 in the short term. The following key support is $1,750:
Technical indicators
Timely MACD – ETH/USD’s MACD is losing momentum in the bear zone.
Hourly RSI – ETH/USD’s RSI is below 50 zone.
Key Support Levels – $1,980
Major Resistance Levels – $2,040
