Ethereum price faces an uphill mission near the $2,000 region against the US Dollar. According to renowned analyst Aayush Jindal, who has made successful assumptions, Ethereum price risks a larger decline below the $1,800 reinforcement zone.
- Ethereum price started a fresh decline after failing to break past the $2,000 resistance zone.
- Price is still trading well below the $2,000 resistance and the 100 hourly easy moving average.
- According to the analyst, the pair could slide lower if it fails to break above the $1,950 and $2,000 resistance levels.
There is a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
Aayush Jindal: Ethereum at risk of greater decline
As we previously reported , the Ethereum price has fallen hard. ETH price broke the $1,950 support and settled well below the 100 hourly easy moving average. The price even dropped below the $1,920 support, but the bulls are defending the $1,850 support area. A recent low was formed near $1,866 and the price is now correcting higher. ETH tests the $1,900 zone.
23% of the last drop from $1,993 to $1,866. The 6 Fib retracement level is also located near $1,900. The next key resistance is near the $1,920 level and the 100 hourly easy moving average. The $1,920 resistance is close to the 50% Fib retracement level of the recent decline from the $1,993 low to $1,866 low. There is also a key bearish trend line forming with resistance near $1,975 on the hourly chart of ETH/USD.
Analyst: Get it on your radar, Ethereum price is now targeting these levels!
A suitable break above the trendline resistance is the pedestal for a strong move above the $2,000 resistance. The next major resistance is near the $2,050 zone. Ethereum price could continue to decline if it fails to recover above $1,920 and $1,950. On the downside, the first reinforcement is near the $1,865 level.
The first major reinforcement is close to the $1,850 level, according to the analyst. If Ethereum price fails to stay above the $1,850 support, it could drop to the $1,800 support. More losses could set the pace for an accurate drop to the $1,750 support area in the near term.
Technical indicators Current view of Ethereum price
Hourly MACD: The MACD for ETH/USD is slowly losing momentum in the bearish zone.
Hourly RSI: The RSI for ETH/USD is now close to the 50 level.
Main Boost Level: $1,850.
Main Resistance Level: $1,950.