Ethereum price struggled to maintain stability above $2,040 and has begun a new downward trend, mirroring Bitcoin’s movements. ETH price has fallen beneath 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 pressure around the $2,040 mark. The price has once again fallen below $2,020. There was a break below a bullish trend line with support at $2,015 on the hourly chart of ETH/USD.
Ethereum price is currently trading under $2,010 and has fallen below the 100-hourly Simple Moving Average. If the bulls continue to show strength above $1,980, the price may make another move upward. Immediate resistance is observed around the $2,020 mark. The first key resistance is positioned around the $2,030 level. The next significant resistance is around the $2,050 mark, coinciding with the 50% Fibonacci retracement level of the decline from the $2,140 swing high to the $1,965 low. A decisive breakthrough 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 potential for further gains in the days ahead.
In the current scenario, Ether has the potential to climb towards the $2,120 resistance level or possibly even 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 level. The first major support is positioned around the $1,965 zone. A decisive drop beneath 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 set at $1,780.