Ethereum Price Attempts Recovery—Key Levels to Watch After $2,000 Drop
Ethereum prices began with new declines in areas below $2,350. ETH is now correcting some losses from $2,000 support and may face obstacles.
- Ethereum begins a new decline in support zones below $2,320.
- Prices trade below the $2,220 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s feed), the resistance trend vs. resistance is $2,080 compared to the connection trend line of the resistor.
- Two people have to clear the $2,230 and $2,275 resistance levels to start a nice growth.
Ethereum price is found with support of $2,000
Ethereum prices begin to emerge from the $2,550 resistance zone. Bitcoin. Eth got bearish momentum comparing the support levels of $2,420 and $2,350.
There is a noticeable move under the $2,220 support zone, 100 hours simple moving average. Price even tested the $2,000 area. One low is $2,003, and the price is now trying to recover to a FIB retracement level of over 23.6%, thereby swaying from $2,550 to a low of $2,003.
On the hourly chart of ETH/USD, the trend line connecting to resistance is higher than $2,080. Ethereum price is now trading below the $2,220 and the 100-hour simple moving average.
On the plus side, the price seems to be facing a $2,220 hurdle. The first major resistance is close to the $2,275 level and a 50% FIB retracement level, from a swing of $2,550 to a low of $2,003.
A noticeable move to resistors above $2,275 could shift the price to resistors at $2,350. An upside breakout for resistors over $2,350 could require more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,450 resistance zone or even $2,500 in the short term.
Is there another game?
If Ethereum fails to clear the $2,275 resistance, it may drop again. The initial support for the adverse aspects is close to the $2,130 level. The first major support is located near the $2,080 area.
A clear move to support below $2,080 could push the price toward support of $2,020. In the short term, more losses could shift the price to the support level of $2,000. Next key supports $1,880.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 area.
Main support level – $2,080
Main resistance level – $2,275
