ETH Dips Below $2K But Here’s What Could Boost It Higher Again

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ETH Dips Below $2K But Here’s What Could Boost It Higher Again


ETH dips below $2K, extending its decline below the support zone with the price now consolidating the losses and could start a new increase if it manages to clear the $2010 so let’s have a closer look at our latest ethereum news today.

Ethereum extended its drop below $2K support and now the price is trading well below the $2050 and the 100 hourly simple moving average. There’s also a major bearish trend line forming with the resistance near $2065 on the hourly charts of the pair with the pair starting a new increase seeming likely if it clears the $2010 resistance zone.

ETHUSD
Source ETHUSD on TradingView.com

With the new failure above $2100, ETH started a downside correction with the coin trading below the $2050 and the $2010 support levels. It broke the $2000 level and settled below the 100 hourly simple moving average which is similar to BTC. The new low was formed close to the $1937 before the prices started a new short-term upside correction and ETH climbed higher. There was another break near the 23.6% fib retracement level from the recent drop of $2132 high to $1937 low.

ETH dips below $2K as the price is now forming a breakout pattern with the resistance near $2010 and a break above $2010 could lead the price towards the $2035 level. The 50% fib retracement level from the recent drop of the $2132 high is now near $2050 and acts as a resistance. There’s also another major bearish trend line that is forming near the $2065 on the hourly charts of the pair with a bullish zone which can take the price above the $2010 and then gain more strength for a move above the trend line resistance.

ETHUSD
Source ETHUSD on TradingView.com

If ETH fails to clear the $2010 resistance, it could drop lower with the first major support forming near the $1960 level and the triangle lower trend line. The main support is now near the $1940 level with a clear downside break below the support which can lead the price towards $1880 in the coming sessions. More losses could call for a test of $1850. The MACD for the pair is gaining momentum in the bullish zone with the hourly RSI is now approaching the 50 levels.

Also, as reported, Ethereum is showing signs of fresh increase above $2150 and $2120 with the price now trading nicely above the $2080 support and the 100 hourly simple moving average. There’s another contracting triangle forming with the resistance near $2120 on the charts of the pair with it likely to continue higher above $2120 in the near term.

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