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TA: Why Ethereum (ETH) Topside Bias Vulnerable Unless It Surges Past $2K

TA: Why Ethereum (ETH) Topside Bias Vulnerable Unless It Surges Past $2K
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Ethereum is facing an uphill task near the $2,000 zone against the US Dollar. ETH price remains at a risk of a larger decline below the $1,800 support zone.

  • Ethereum started a fresh decline after it failed to surpass the $2,000 resistance zone.
  • The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if it fails to move above the $1,950 and $2,000 resistance levels.

Ethereum Price Turns Red

After a failed attempt to clear the $2,000 resistance, ethereum started a fresh decline, similar to bitcoin. ETH price broke the $1,950 support and it settled well below the 100 hourly simple moving average.

The price even declined below the $1,920 support, but the bulls are defending the $1,850 support zone. The recent low was formed near $1,866 and the price is now correcting higher. It is testing the $1,900 resistance zone.

The 23.6% Fib retracement level of the recent decline from the $1,993 swing high to $1,866 low is also near $1,900. The next key resistance is near the $1,920 level and the 100 hourly simple moving average.

The $1,920 resistance is close to the 50% Fib retracement level of the recent decline from the $1,993 swing high to $1,866 low. There is also a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

A proper break above the trend line resistance is must for a strong move above the $2,000 resistance. The next major resistance is near the $2,050 zone.

Fresh Decline in ETH?

If Ethereum fails to recover above $1,920 and $1,950, it could continue to move down. An initial support on the downside is near the $1,865 level.

The first major support is near the $1,850 level. If ether fails to stay above the $1,850 support, it could decline towards the $1,800 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now close to the 50 level.

Major Support Level – $1,850

Major Resistance Level – $1,950

 

Source: NewsBTC

 

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