#Ethereum #CryptoTrading #ETHUSD #Bitcoin #CryptoMarket #Cryptocurrency #ETHPrice #BearishTrend
Ethereum has been experiencing a significant decline in price alongside Bitcoin, dipping below its $2,000 ranking. However, its key support at $1,920 holds strong, yielding potential for a fresh price increase. The cryptocurrency had difficulty bypassing the $2,070 resistance which resulted in a correction to the downside. At the moment, Ethereum’s price is trading below $2,000 along with the 100-hourly Simple Moving Average. It’s noteworthy that a key bearish trend line is in the works with the resistance close to $1,990 on ETH/USD’s hourly chart courtesy of data feed via Kraken.
Despite Ethereum’s inability to dodge the $2,070 resistance, leading to a downward reaction, its price did not sink past the $1,920 support zone. After the announcement of Binance’s settlement, ETH, like Bitcoin, slipped below the $2,000 support zone. Bears accelerated this decline, pushing the price under the $1,950 support zone and past the 100-hourly Simple Moving Average. Be that as it may, with a recent low formed around $1,930, a new incremental line is underway as Ethereum attempts a fresh surge in price.
While Ethereum managed to breach the 23.6% Fib retracement level of the recent drop from a $2,068 high to a $1,930 low, it still lags below $2,000 and the 100-hourly Simple Moving Average. The cryptocurrency will encounter resistance near the $1,990 zone as it progresses upwards. Notwithstanding this, any positive movement beyond the $2,000 mark could generate bullish developments. If Ethereum finds itself unable to surpass the $2,000 resistance, further decline may be imminent. Initial support if this happens will present near the $1,950 level. Failing that, Ethereum may approach the key support at $1,930 or $1,920. If it drops below the critical $1,905 support, Ethereum may be faced with more losses and could head towards the $1,820 support zone.
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