Ethereum gained bearish momentum below $2,000 against the US Dollar. ETH even traded below $2,000 and remains at a risk of more losses.
- Ethereum started a fresh decline below $2,100 and $2,000.
- The price is now trading below $2,100 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if there is a close below the $2,000 support.
Ethereum Price Breaks $2K
Ethereum failed to extend the recovery wave above the $2,400 level. ETH started another decline and traded below the $2,320 support zone.
There was a break below a key bullish trend line with support near $2,250 on the hourly chart of ETH/USD. The pair tumbled below the $2,200 and $2,100 levels. Ether price even broke the $2,000 support zone and settled below the 100 hourly simple moving average.
It traded towards $1,950 and is currently showing signs of more losses. If there is a recovery wave, the price might face resistance near the $2,050 level.
The 23.6% Fib retracement level of the recent decline from the $2,451 swing high to $1,939 low is also near $2,060. The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,220 level.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $2,451 swing high to $1,939 low is also near $2,200. A close above the $2,200 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,350…