Ethereum Slips Under $2,000 – Upward Channel to Underpin ETH

Ethereum began a downtrend from the $2,000 barrier level versus the US dollar. ETH is stabilizing and may fall lower below $1,810. Ethereum has already started a downward retreat below $1,950. The ETHEREUM price currently trades below $1,950 and the 100 hourly simple moving average.

On the hourly chart of ETH/USD, there was a breach below a connecting positive trend line with support at $1,925. If the pair remains below the $1,950 pivot level, it may continue to fall.

Ethereum Slips Under $2,000

Ethereum made two tries to break over the $2,000 resistance zone but failed to continue gains and began a downward retreat below $1,950. The price fell sharply below $1,920 and the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a breach below a connecting positive trend line with support at $1,925.

The price of ether has even fallen below $1,900.The price has hit bottom at $1,862 and is presently consolidating losses. It trades under $1,950 and below the 100 hourly simple moving average.

On the upside, an immediate barrier is at the $1,900 mark. It is close to the 23.6% Fib retracement level of the latest drop from the $2,030 swing high to the $1,862 low. The first big barrier is located between $1,945 and $1,950.

The 50% Fib retracement level of the latest slide from the $2,030 swing high to the $1,862 low is also close to the $1,950 level and will serve as significant resistance. A strong move above $1,950 might kick-start a sustained rise above $2,000. The price may increase to the $2,080 resistance zone in the short term if there are additional upsides.

More ETH Losses?

If Ethereum fails to break through the $1,950 barrier, it may continue to fall. On the downside, an initial support level is at $1,862.

The next key support is at $1,850, below which a decline towards $1,810 is possible. If the bears keep pushing, the price might fall to $1,720. Good luck!

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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