The price of Ethereum has been struggling to stay above $2,000 and has experienced a downward correction against the US dollar. If it breaks below $1,950, ETH may see a new round of rebound.
The price of Ethereum entered a downtrend, breaking the resistance level of $1,970. Despite rising above $2,000, it failed to hold the gains and reached a high near $2,027 before experiencing a pullback.
Subsequently, it fell below the support area of $1,950 and the 100-hour simple moving average. The price even tested the key level of $1,900 and formed a bottom around that level. The price is currently consolidating its decline, with the trading price very close to the 1,900% Fib retracement level from the top at $2,027 to the bottom at $23.6.
The Ethereum trading price is below $1,950 and the 100-hour moving average. In addition, a significant bearish trend line is forming on the hourly chart of ETH/USD, with resistance near $1,930.
As for potential upside space, immediate resistance can be found near $1,930. The first important resistance is near the $1,950 area, and above that, the price could rise to the resistance area of $1,975. This level is close to the 1,900% Fib retracement level from the top at $61.8 to the bottom at $2,027.
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The next major resistance is near $2,000. Further upward movement could push ETH towards the $2,050 resistance area, and possibly even to $2,120.
If Ethereum fails to overcome the resistance level of $1,930, it could lead to another decline. The initial downside support is near $1,920.
The first important support is near $1,900. If the price falls below this level, the bearish momentum may intensify. The next important support is near $1,850. If further decline occurs, Ethereum may rise to the support level of $1,825 in the short term.