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Ethereum Price Rally In Jeopardy? Key Supports To Watch Out In Short-Term
Ethereum price corrected lower below $2,050. ETH is now consolidating above the $2,020 support and might start a fresh increase in the near term.
Ethereum Price Trims Gains
Ethereum price struggled to clear the $2,075 resistance zone. The bears took control and pushed ETH below the $2,050 level. However, Bitcoin managed to stay above the $37,550 support zone.
ETH traded below the 50% Fib retracement level of the upward move from the $1,986 swing low to the $2,076 high. Besides, there was a break below a key bullish trend line with support at $2,040 on the hourly chart of ETH/USD.
Ethereum is now trading below $2,050 and the 100-hourly Simple Moving Average. It is now consolidating above the $2,020 support zone. On the upside, the price is facing resistance near the $2,00 zone and the 100-hourly Simple Moving Average.
The first key resistance is near the $2,075 level. The next resistance sits at $2,090. A clear move above the $2,090 level could send the price toward the $2,130 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.
More Losses in ETH?
If Ethereum fails to clear the $2,050 resistance, it could continue to move down. Initial support on the downside is near the $2,020 level. The next key support is $2,000.
A downside break below $2,000 might start a steady decline. The key support is now at $1,930, below which there is a risk of a move toward the $1,880 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,020
Major Resistance Level – $2,075