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Ethereum price started a fresh decline and traded below $2,000. ETH is now consolidating and remains at risk of another decline below $1,950.
Ethereum struggled to extend gains above $2,020 and corrected lower. The price is trading below $2,000 and the 100-hourly simple moving average. A bearish trend line is forming with resistance at $1,980 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,020 zone.
The price also dipped below the 50% Fibonacci retracement level of the upward move from the $1,745 swing low to the $2,169 high. Bulls were active near $1,900.
If bulls remain in action above $1,900, the price could attempt another increase. Immediate resistance is near the $1,960 level and the trend line.
The first key resistance is near the $2,000 level. The next major resistance is near the $2,020 level. A clear move above the $2,020 resistance might send the price toward the $2,165 resistance. An upside break above the $2,165 region could lead to further gains in the coming days, with Ether potentially rising toward the $2,250 resistance zone or even $2,280 in the near term.
If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,920 level. The first major support sits near the $1,900 zone or the 61.8% Fibonacci retracement level of the upward move from the $1,745 swing low to the $2,169 high.
A clear move below the $1,850 support might push the price toward the $1,820 support. Further losses could send the price toward the $1,750 region, with the main support at $1,720.
Source: ETHUSD on TradingView.com
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