TA: Why Ethereum (ETH) Could Nosedive Below $2K, Bears In Control


Ethereum is down 5% and it’s struggling to remain above $2,000 in opposition to the US Dollar. ETH worth may decline sharply if there’s a break and shut under $2,000.

  • Ethereum is exhibiting bearish indicators under the $2,050 and $2,100 ranges.
  • The worth is now buying and selling nicely under the $2,100 resistance and the 100 hourly easy shifting common.
  • There was a break under a key contracting triangle with assist close to $2,110 on the hourly chart of ETH/USD (information feed through Kraken).
  • The pair should keep above the $2,000 assist to keep away from a serious decline within the close to time period.

Ethereum Price Remains At Risk

There was a contemporary decline in ethereum from the $2,175 resistance zone, just like bitcoin. ETH broke many helps close to $2,100 and the 100 hourly easy shifting common to maneuver right into a bearish zone.

There was additionally a break under a key contracting triangle with assist close to $2,110 on the hourly chart of ETH/USD. The pair traded under the $2,050 assist and it examined the $2,000 support. A low is shaped close to $2,009 and the value is now consolidating losses.

An rapid resistance on the upside is close to the $2,050 zone. It is close to the 23.6% Fib retracement degree of the latest dive from the $2,175 excessive to $2,009 low.

Source: ETHUSD on TradingView.com

The first key resistance is close to the $2,090 and $2,100 ranges. The 50% Fib retracement degree of the latest dive from the $2,175 excessive to $2,009 low can also be close to $2,090. An in depth above $2,100 would possibly begin an honest restoration wave within the close to time period. The subsequent main resistance is close to the $2,175 degree.

More Losses in ETH?

If Ethereum fails to recuperate above $2,050 or $2,100, it may proceed to maneuver down. An preliminary assist on the draw back is close to the $2,010 degree.

The first main assist is close to the $2,000 degree. If ether bulls fail to defend the $2,010 and $2,000 assist ranges, there are possibilities of a pointy decline. In the acknowledged case, ether bears would possibly goal a check of the $1,850 assist degree. An intermediate assist could possibly be close to $1,920.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining tempo within the bearish zone.

Hourly RSIThe RSI for ETH/USD is nicely under the 50 degree.

Major Support Level – $2,000

Major Resistance Level – $2,100



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