Ethereum’s losses continued below the critical $2,000 support level. Before the bulls took a position near the $1,700 level, ETH smashed the $1,800 mark.
Near $1,700, a bottom marks, and the price began to rise again. The $1,800 and $1,900 resistance levels were clearly broken. On the hourly chart of ETH/USD, a break over a strong negative trend line with resistance near $2,000.
The price of Ether is currently slightly above the 50% Fib retracement level of the crucial slide from the $2,450 swing high to the $1,700 low. It remains, however, below $2,150 and the 100 hourly simple moving average.
The $2,150 level is the first big resistance. The biggest resistance is currently forming near $2,200. It’s around the 61.8 percent Fib retracement level of the crucial slide from the swing high of $2,450 to the low of $1,700. A closing above $2,200 might pave the way for a significant gain.
In this scenario, the price of ether could soar to the $2,400 resistance level. A possible intermediate resistance level is at $2,350.
New decline Ethereum levels?
If ethereum fails to break through the $2,200 resistance, it may resume its downward trend. On the downside, $2,000 serves as an initial support level.
The next significant support level is at $1,870. A closure below $1,870 might relaunch the decline. In the above scenario, the price might drop to around $1,700. In the short term, strong support might be seen at $1,620 and $1,600.
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