Ethereum attempted to break through the resistance levels of $2,085 and $2,100. ETH, on the other hand, was unable to gain traction and created a short-term top near the $2,085 mark.
Below the $2,050 support level, there was a bearish reaction. On the hourly chart of ETH/USD, a break below a key bullish trend line with support near $2,000 was also seen. A move below the 50% Fib retracement level of the upward run from the $1,920 swing low to $2,085 high occurred.
The price of ether is currently trading below $2,000, as well as the 100 hourly simple moving average. It even tested the 76.4 percent Fib retracement line of the upward run from the swing low of $1,920 to the high of $2,085
The price is currently consolidating about $1,980. Near the $2,000 mark and the 100 hourly simple moving average is the first big obstacle. Near the $2,085 level, the biggest resistance is forming. A close above $2,085 might pave the way for a significant gain.
In this scenario, the price of Ethereum could surge to the $2,150 resistance level. Any further increases might push it closer to the critical $2,200 resistance zone.
More Ethereum losses?
If ethereum fails to break over the $2,000 resistance level, it may continue to fall. On the downside, $1,960 is a first support zone.
The next major support is seen near $1,920. A closure below $1,920 might relaunch the decline. So, In the above scenario, the price could drop to around $1,900. Lastly, In the short term, strong support could be found at $1,800 and $1,780.
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