Ethereum is presently trading downward versus the US Dollar after failing to hold above $2,100. The price of ETH is projected to fall more, maybe breaking $2,000 in the process.
From far above the $2,200 support zone, Ethereum began a new fall.
The price has dropped below $2,100 and is currently trading below the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was a breach below a significant bullish trend line with support at $2,100. (data feed via Kraken).
If the pair breaks below the $2,000 support zone in the short future, it might fall sharply.
The Price of Ethereum Is Declining at a Rapid Rate
After battling to stay over $2,250, ethereum has begun a new downward trend. ETH has moved into a short-term bearish zone after breaking the $2,200 and $2,150 support levels.
The price accelerated below $2,150, breaking below $2,120. The upward advance from the $1,718 swing low to $2,289 high was broken below the 23.6 percent Fib retracement line. On the hourly chart of ETH/USD, there was also a breach below a significant bullish trend line with support at $2,100.
The pair is currently trading below $2,100 and the hourly simple moving average of 100. Near the $2,050 level, there is immediate support on the downside. Near the $2,000 level, the first big support is found.
The 50% Fib retracement level of the upward move from the $1,718 swing low to $2,289 high is near the $2,000 level. If there is a clear break below $2,000, the price could decline heavily. In the stated case, the price could dive towards the $1,850 level. The next major support on the downside is near the $1,700 level.
Is there a new increase in ETH?
Ethereum may start a new uptrend if it holds above the $2,050 support zone or $2,000 mark. Near the $2,120 mark and the 100 hourly SMA, there is immediate upward resistance.
Near the $2,150 and $2,160 levels, the primary breakout resistance is already developing. A closing over $2,160 may signal the start of a strong rally towards $2,250 or perhaps $2,320 in the following sessions.
Indicators of Technical Excellence
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,150
