Ethereum price struggled to hold steady above $2,040 and initiated a new downward trend, mirroring Bitcoin’s movement. ETH price has fallen below the $2,020 and $2,010 thresholds. The price even dipped below $1,985. A low was established at $1,965, and the price has recently made an attempt at a minor recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $2,140 swing high to the $1,965 low.
However, the bears continued to exert their influence around the $2,040 mark. The price has once again fallen below $2,020. There was a breach beneath a bullish trend line, with support identified at $2,015 on the hourly chart of ETH/USD. Ethereum price is currently trading under $2,010 and below the 100-hourly Simple Moving Average. If the bulls maintain their momentum above $1,980, we could see the price make another push upward. Immediate resistance is observed around the $2,020 mark. The first key resistance is situated around the $2,030 level.
The next significant resistance is positioned around the $2,050 mark, coinciding with the 50% Fibonacci retracement level from the downward movement that occurred between the $2,140 swing high and the $1,965 low. A decisive breakout above the $2,050 resistance could propel the price toward the $2,085 resistance level. An upside break above the $2,085 region could signal potential for further gains in the days ahead. In the current scenario, Ether has the potential to ascend towards the $2,120 resistance level or possibly reach $2,150 in the short term.
If Ethereum fails to clear the $2,050 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,980 mark. The first major support is located around the $1,965 zone. A decisive drop below the $1,965 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 $1,780.