Ethereum price struggled to maintain stability above $2,050 and has initiated a fresh decline, mirroring the movement of Bitcoin. ETH price has fallen below the $2,020 and $2,000 thresholds. The price even dipped below $1,980. A low was established at $1,964, and the price is currently exhibiting numerous bearish indicators. There was a slight recovery wave above the 23.6% Fibonacci retracement level of the downward move from the $2,139 swing high to the $1,964 low. Additionally, a bearish trend line is taking shape, presenting resistance at $2,010 on the hourly chart of ETH/USD.
Ethereum price is currently trading below $2,000 and the 100-hourly Simple Moving Average. If the bulls continue to push above $1,965, the price may make another attempt at an increase. Immediate resistance is observed around the $2,010 mark. The first key resistance is positioned around the $2,020 level. The next significant resistance is around the $2,050 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,139 swing high to the $1,964 low. A decisive breakout above the $2,050 resistance could propel the price towards the $2,085 resistance level. An upside break above the $2,085 region could signal further gains in the days ahead.
In the current scenario, Ether has the potential to ascend towards the $2,120 resistance zone or possibly reach $2,150 in the short term. If Ethereum fails to clear the $2,020 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,965 mark. The first major support is located around the $1,950 zone. A decisive drop beneath the $1,950 support level could drive the price down to the $1,920 support zone. Further losses could push the price down to the $1,850 area. The primary support level appears to be set at $1,780.