Ethereum’s value recently experienced a decline from its peak at $2,132, encountering hurdles around the $2,130 mark. Following this, a downward movement ensued, breaching support levels at $2,100 and $2,080, mirroring Bitcoin’s trend.
The price dipped below the crucial $2,000 support, reaching a low of $1,986, where it is presently consolidating losses. Despite a slight recovery above $2,020, Ether is currently trading below $2,060 and the 100-hourly Simple Moving Average. Resistance is evident around the $2,040 zone, marked by a significant bearish trend line on the hourly ETH/USD chart.
To the upside, key resistance lies at $2,060, representing the 50% Fib retracement level of the recent drop from the $2,132 high to the $1,986 low. The subsequent hurdle is at $2,100, and a breakthrough beyond this level could propel the price toward the $2,135 resistance zone.
Should Ethereum struggle to surpass the $2,040 barrier, a potential downtrend might unfold. Initial support is at $2,000, followed by a critical level at $1,985. A breach below $1,985 may lead Ether towards the $1,920 support, with a key support floor at $1,885. Further downside could expose the cryptocurrency to the risk of descending towards the $1,820 level.
Metric | Value |
---|---|
Initial High (ETH) | $2,132 |
Current Price (ETH) | Below $2,060 |
100-Hourly SMA (ETH) | Noted |
Support Levels (ETH) | $2,000, $1,985, $1,920 |
Key Support (ETH) | $1,885 |
Resistance Levels (ETH) | $2,040, $2,060, $2,100 |
Major Resistance (ETH) | $2,135 |
Potential Upside Targets (ETH) | $2,150, $2,200, $2,250 |
Risk of Downside (ETH) | Below $2,040 |