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Ethereum price has experienced a downside correction and has dropped below the $2,000 mark. However, it is crucial for ETH to stay above the support level at $1,920 in order to initiate a fresh increase in the near future. The price is currently trading below $2,000 and the 100-hourly Simple Moving Average, indicating potential bearish momentum. On the hourly chart of ETH/USD, there is a key bearish trend line forming with resistance near $2,000. The ability to surpass this resistance zone will be a significant factor in determining whether a fresh increase can occur.
Although Ethereum struggled to clear the $2,120 resistance level, it started a downside correction similar to Bitcoin. As a result, ETH traded below the $2,050 and $2,000 support levels. Yet, the bulls proved active above the $1,920 support zone, which prevented further losses. A low was formed near $1,933, and the current price is consolidating these recent losses. Ethereum is currently trading below $2,000 and the 100-hourly Simple Moving Average, indicating the presence of bearish pressure. Immediate resistance lies near the $2,000 zone, accompanied by a key bearish trend line on the hourly chart of ETH/USD. A close above this trend line and the resistance at $2,025 could potentially trigger a decent increase in Ethereum’s price. On the other hand, failure to overcome the resistance zone and the trend line may lead to a fresh decline, with initial support at the $1,950 level and a major support level at $1,920. A break below this support could result in a sharp decline towards the $1,850 zone, and potentially even the $1,800 level.
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