- Ethereum price started a recovery wave from the $1,702 zone against the US Dollar.
- ETH price is now trading above $1,920 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $2,000 on the 4-hours chart (data feed from Coinbase).
- The pair could start a decent increase if there is a close above the $2,000 resistance.
Ethereum price is struggling below $2,000 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $2,000 resistance zone.
Ethereum Price Analysis
Earlier, ethereum struggled to clear the $2,100 resistance against the US Dollar. ETH price started a fresh decline below the $2,000 level and moved into a bearish zone.
The pair settled below the $2,000 support and the 55 simple moving average (4-hours). Finally, it traded below the $1,800 level and tested the $1,700 zone. A low was formed near $1,702 and the price is now correcting losses. There was a move above the $1,850 and $1,900 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $2,085 swing high to $1,702 low. On the upside, the price is facing resistance near the $2,000 level.
There is also a major bearish trend line forming with resistance near $2,000 on the 4-hours chart. It is near the 76.4% Fib retracement level of the downward move from the $2,085 swing high to $1,702 low. The next major resistance is near the $2,150 or $2,160.
A clear move above the $2,160 level might start a steady increase. The next key resistance is near the $2,460 zone, above which the price might accelerate higher towards the $2,550 level.
On the downside, an initial support is near the $1,920 level. The next major support is now near the $1,900 level. A break below the $1,900 support could push the price to $1,820. Any more losses could lead the price towards $1,700 or even $1,620.
Looking at the chart, Ethereum price is clearly trading above the $1,920 zone and the 55 simple moving average (4-hours). Overall, ether price could start a decent increase if there is a close above the $2,000 resistance.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 60 level.
Key Support Levels – $1,920, followed by the $1,820 zone.
Key Resistance$ Levels – $2,000 and $2,160.
