BTC / USD
23,131.46
1.19%
(+271.05)
ETH / USD
1,582.90
0.67%
(+10.51)
XRP / USD
0.40
3.48%
(+0.01)
LTC / USD
97.08
2.29%
(+2.17)
EOS / USD
1.06
0.86%
(+0.01)
BCH / USD
133.83
0.41%
(-0.56)
ADA / USD
0.39
4.1%
(+0.02)
XLM / USD
0.09
0.74%
(-0)
NEO / USD
8.17
1%
(+0.08)
XEM / USD
0.04
1.44%
(0)
DASH / USD
60.57
1.95%
(-1.2)
USDT / USD
1.00
0.01%
(0)
BNB / USD
310.85
0.79%
(-2.47)
QTUM / USD
2.66
0.2%
(+0.01)
XVG / USD
0.00
2.08%
(0)
ONT / USD
0.21
0.62%
(-0)
ZEC / USD
44.95
0.29%
(+0.13)
STEEM / USD
0.19
1.34%
(0)

What Could Trigger A Sharp Decline?

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Ethereum started a downside correction from the $2,000 resistance against the US Dollar. ETH is consolidating and might decline further towards $1,810.

  • Ethereum started a downside correction below the $1,950 level.
  • The price is now trading below $1,950 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if it stays below the $1,950 pivot level.

Ethereum Price Dips

Ethereum made a couple of attempts to gain strength above the $2,000 resistance zone. However, ETH failed to extend gains and started a downside correction below the $1,950 level.

There was a clear move below the $1,920 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USD. Ether price even declined below the $1,900 level.

A low is formed near $1,862 and the price is now consolidating losses. It is now trading below $1,950 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,030 swing high to $1,862 low. The first major resistance is near the $1,945 and $1,950 levels.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $2,030 swing high to $1,862 low is also near the $1,950 level to act as key resistance. A clear move above the $1,950 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,080 resistance zone in the near term.

More Losses in ETH?

If ethereum fails to rise above the $1,950 resistance, it could continue to move down. An initial support on the downside is near the $1,862 zone.

The next major support is near $1,850, below which there is a risk of a move towards the $1,810 level. If the bears remain in action, the price could even decline towards the $1,720 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,860

Major Resistance Level – $1,950

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