Ethereum price initiated a new downward trend, falling beneath the $2,000 mark. ETH is currently in a consolidation phase and is still at risk of experiencing another drop below $1,940. Ethereum faced challenges in maintaining its momentum above $2,050, leading to a downward correction. The price is currently trading under $2,000 and below the 100-hourly Simple Moving Average. A break occurred below a bullish trend line, with support identified at $2,035 on the hourly chart of ETH/USD. The pair may initiate a new downward trend if it remains under the $2,000 threshold.
Ethereum price struggled to maintain its position above $2,050 and initiated a new downward trend, mirroring Bitcoin’s movement. ETH price dipped below the $2,040 and $2,020 thresholds, signaling a move into bearish territory. The pair fell beneath the 50% Fibonacci retracement level of the upward movement from the $1,895 swing low to the $2,106 high. Additionally, a break occurred below a bullish trend line, with support identified at $2,035 on the hourly chart of ETH/USD. The bears have driven the price down to test the $1,950 support level.
Ethereum’s price has dipped below $1,980 and is currently under the 100-hourly Simple Moving Average. If the bulls continue to push above $1,920, we might see the price make another move upward. Immediate resistance is observed around the $1,980 mark. The initial significant resistance is around the $2,000 mark. The upcoming significant resistance is around the $2,025 mark. A decisive breakout above the $2,025 resistance could propel the price towards the $2,045 resistance level. An upside break above the $2,045 region could signal further gains in the days ahead. In the current scenario, Ether has the potential to climb towards the $2,120 resistance level or possibly reach $2,150 in the short term.
If Ethereum struggles to break through the $2,000 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,945 mark. The initial significant support is located around the $1,930 area, coinciding with the 83.2% Fibonacci retracement level of the upward movement from the $1,895 swing low to the $2,106 peak. A decisive drop beneath the $1,930 support could drive the price down to the $1,880 support level. Further losses could push the price down to the $1,820 area. The primary support level appears to be $1,780.