Ethereum

Ethereum Fails Above $2K, Why ETH Could Resume Its Slide

Ethereum attempted a decent recovery, but it failed above $2,000 against the US Dollar. ETH price is trimming gains and it might continue to move down towards $1,850.

Ethereum failed to clear the $2,050 and $2,060 resistance levels.
The price is trading well below $2,000 and the 100 hourly simple moving average.
There is a crucial bearish trend line forming with resistance near $2,060 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue lower unless there is a strong close above $2,000 in the near term.

Ethereum Price Trims Gains
Ethereum found a strong support near the $1,700 zone, like bitcoin. ETH started a decent recovery wave above the $1,800 and $1,900 levels.
There was a break above the 50% Fib retracement level of the of the key drop from the $2,285 swing high to $1,700 swing low. However, ether price cleared failed to surpass the $2,050 and $2,060 resistance levels.
It is now trading well below $2,000 and the 100 hourly simple moving average. The price also failed near the 61.8% Fib retracement level of the of the key drop from the $2,285 swing high to $1,700 swing low. Besides, there is a crucial bearish trend line forming with resistance near $2,060 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $1,950 level. The first major resistance is near the $2,000 zone and the 100 hourly SMA. The main barrier is near the trend line and $2,050. To move into a positive zone, ether price must clear the $2,000 and $2,050 levels in the near term.
More Losses in ETH?
If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could continue to move down. An initial support on the downside is near the $1,850 level.
The first major support is now forming near the $1,820 level. The main support is now forming near the $1,800 level. A downside break below the $1,800 zone could put a lot of pressure on the bulls. In the stated case, the price is likely to revisit the $1,700 zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $1,850
Major Resistance Level – $2,000

bitcoin
Bitcoin (BTC) $ 62,715.80
ethereum
Ethereum (ETH) $ 2,442.32
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 577.17
solana
Solana (SOL) $ 145.73
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.538395
staked-ether
Lido Staked Ether (STETH) $ 2,441.97
dogecoin
Dogecoin (DOGE) $ 0.110908
tron
TRON (TRX) $ 0.159340
the-open-network
Toncoin (TON) $ 5.23
cardano
Cardano (ADA) $ 0.353315
avalanche-2
Avalanche (AVAX) $ 28.90
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-steth
Wrapped stETH (WSTETH) $ 2,888.56
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 62,644.78
weth
WETH (WETH) $ 2,442.58
chainlink
Chainlink (LINK) $ 10.95
bitcoin-cash
Bitcoin Cash (BCH) $ 326.41
polkadot
Polkadot (DOT) $ 4.19
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 7.83
sui
Sui (SUI) $ 2.05
leo-token
LEO Token (LEO) $ 6.09
near
NEAR Protocol (NEAR) $ 4.74
litecoin
Litecoin (LTC) $ 65.49
bittensor
Bittensor (TAO) $ 627.54
aptos
Aptos (APT) $ 8.47
pepe
Pepe (PEPE) $ 0.000010
wrapped-eeth
Wrapped eETH (WEETH) $ 2,567.13
internet-computer
Internet Computer (ICP) $ 8.24
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42
kaspa
Kaspa (KAS) $ 0.140002
first-digital-usd
First Digital USD (FDUSD) $ 0.998815
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.373570
monero
Monero (XMR) $ 152.35
ethereum-classic
Ethereum Classic (ETC) $ 18.64
dogwifcoin
dogwifhat (WIF) $ 2.75
stellar
Stellar (XLM) $ 0.092074
blockstack
Stacks (STX) $ 1.76
okb
OKB (OKB) $ 42.53
immutable-x
Immutable (IMX) $ 1.48
ethena-usde
Ethena USDe (USDE) $ 0.998994
whitebit
WhiteBIT Coin (WBT) $ 15.06
aave
Aave (AAVE) $ 144.26
optimism
Optimism (OP) $ 1.72
render-token
Render (RENDER) $ 5.48
filecoin
Filecoin (FIL) $ 3.60
crypto-com-chain
Cronos (CRO) $ 0.077806
injective-protocol
Injective (INJ) $ 20.54