The price of Ethereum has been struggling to maintain above $2,000 and the ETH/USD exchange rate has experienced a downward correction. If it breaks below $1,950, ETH may see a new round of rebound.
The price of Ethereum
entered a downtrend, breaking through the resistance at $1,970. Despite rising above $2,000, it failed to hold the gains and touched a high near $2,027 before experiencing a pullback.
Subsequently, it broke below the support area at $1,950 and the 100-hour simple moving average. The price even tested the key $1,900 level and formed a bottom near that level. The price is currently consolidating its losses, trading close to the 1,900% Fib retracement level from the top at $2,027 to the bottom at $1,900.
The Ethereum trading price is below $1,950 and the 100-hour moving average. Additionally, on the hourly chart, a significant bearish trend line is forming with resistance near $1,930.
As for potential upside, direct resistance can be found near $1,930. The first major resistance is near the $1,950 area, and above that, the price may rise towards the $1,975 resistance area. This level is close to the 1,900% Fib retracement level from the top at $2,027 to the bottom at $1,900.
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The next major resistance is near $2,000. Further upside could push ETH towards the $2,050 resistance area, and possibly even reach $2,120.
Failure to overcome the $1,930 resistance could lead to another decline for Ethereum. Initial downside support is near $1,920.
The first major support is near $1,900. If the price breaks below that level, the bearish momentum may intensify. The next major support is near $1,850. In case of further decline, Ethereum could potentially rise to the $1,825 support level in the short term.
