Ethereum Is Consolidating Under $2K: Can A Sharp Decline Happen?
Ethereum is consolidating under $2K, as it began a downtrend from the $2,000 barrier level versus the US dollar. As we said, at the moment Ethereum is consolidating and may even drop to $1,810 in the near future.
Ethereum has begun a downward retreat below $1,950.
At this time, the price is trading below both the 100 hourly simple moving average and $1,950.
On the hourly chart of ETH/USD, there was a breach below a connecting positive trend line with support close to $1,925.
If the price of the pair continues below the $1,950 pivot mark, it may continue to fall.
ETH Price Dips
A few efforts were made by Ethereum to strengthen itself over the $2,000 resistance level. However, ETH was unable to continue its gains and began to decline below the $1,950 mark.
The 100 hourly simple moving average and the $1,920 mark were clearly breached. On the hourly chart of ETH/USD, a break below a connecting positive trend line with support close to $1,925 also occurred. The price of ether even dropped below $1,900.
Ethereum price chart – 24 hours. Source: CoinGecko
The price has created a bottom near $1,862, and it is still extending losses. Currently, it is trading below both the 100 hourly simple moving average and $1,950.
The upward barrier on the upswing is close to the $1,900 mark. It is close to where the latest slide from the $2,030 swing high to the $1,862 low is at the 23.6% Fib retracement level. The first significant barrier is located close to the $1,945 and $1,950 levels.
The $1,950 level serves as important resistance since it is also close to the 50% Fib retracement level of the current slide from the $2,030 swing high to the $1,862 low. A definite move above $1,950 might signal the beginning of a continuous rise to the $2,000 mark. The price may in the near future move toward the $2,080 barrier area if there are more upsides.
Ethereum may keep falling if it is unable to go over the $1,950 barrier. The area around $1,862 provides some initial support on the downside.
Below $1,850, where the next significant support is located, there is a possibility of a decline toward the $1,810 level. The price may potentially drop below the $1,720 mark if the bears continue to trade.
Read the latest cryptocurrency news.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]