Ethereum prices began to decline and correct, falling below $2000.ETH must remain above $1920 to begin a new rise in the short term
Ethereum prices began to decline and correct, falling below $2000.ETH must remain above $1920 to begin a new rise in the short term.
Ethereum Price Maintaining Key Support
In recent fluctuations, the price of Ethereum (ETH) has been striving to break through the resistance level of $2120. After failing to break through this important resistance level, prices began a downward correction journey, following the trend of Bitcoin. However, despite the price drop, the bulls did not give up and showed strong activity in the support area of $1920.
Recently, prices have found a support near $1933 and are currently consolidating this support. It is worth noting that this position happens to be the 23.6% Fib retracement during the recent price decline from the high point of $2118 volatility to the low point of $1933. This may indicate that the next stage of upward trend is imminent.
At present, the price of Ethereum is below $2000, and the trading price is also below its 100 hour simple moving average, indicating that market sentiment is biased towards bearish positions. The direct resistance is around $2000, and if it can break through this level, the price may further impact the resistance level of $2120.
The next major resistance is at $2025, which is a 50% Fibonacci pullback from the high to low point of recent price fluctuations. If the closing price of Ethereum can cross this critical resistance level, it may indicate the arrival of a significant rise.
In addition, the next key resistance level is around $2075, and if it can be broken through, the price may further climb to the $2120 level, or even launch an impact towards the $2250 level.
More ETH losses?
The recent trend of Ethereum has attracted much attention. According to our analysis, if Ethereum fails to break through the $2000 resistance level and trend line, it may start a new decline. The initial support for the downward trend is around $1950, and the next key support level is $1920. Breaking below the support level of $1920 may begin a significant decline. In the above situation, Ethereum may fall towards the support area of $1850 in the short term. If it falls further, it may fall towards the level of $1800.
From the perspective of technical indicators, the hourly MACD shows that the ETH/USD MACD has lost momentum in the bearish area, while the hourly RSI shows that the ETH/USD RSI is currently below the 50 level. These indicators all point to potential downward trends in the market.
The main support level is at $1920, while the main resistance level is at $2025. This means that in the short term, the market may experience fluctuations within this range, and investors need to closely monitor market dynamics in order to adjust their investment strategies in a timely manner.
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