Ethereum

Ethereum extended its decline and it even broke the $2,000 support against the US Dollar. ETH price is now recovering and it might correct higher towards $2,150.

Ethereum extended its decline below the $2,050 and $2,000 support levels.
The price is now trading well below $2,200 and the 100 hourly simple moving average.
There was a break above a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover above the $2,000 level, but the bears might protect the $2,200 zone.

Ethereum Price Turns Red
Ethereum remained in a bearish zone below the $2,300 level, similar to bitcoin. ETH even traded below the $2,200 and $2,100 support levels to move further into a bearish zone.
There was also a break below the $2,000 support zone and a close below the 100 hourly simple moving average. A low was formed near $1,847 and the price is now recovering higher. Ether price was able to climb above the $1,920 and $1,950 levels.
There was a clear break above the 23.6% Fib retracement level of the of the recent decline from the $2,283 high to $1,847 low. Moreover, there was a break above a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD.
The pair is now showing a few positive signs above $1,950. An immediate resistance on the upside is near the $2,000 level. The first major resistance on the upside is near the $2,065 level.

Source: ETHUSD on TradingView.com
It is close to the 50% Fib retracement level of the of the recent decline from the $2,283 high to $1,847 low. The main resistance is now forming near the $2,150 level and the 100 hourly simple moving average.
More Losses in ETH?
If Ethereum fails to clear the $2,065 and $2,150 resistance levels, it could continue to move down. An initial support on the downside is near the $1,920 level.
The main breakdown support is now forming near the $1,850 level. A downside break below the recent low and the $1,850 support level may possibly call for more losses. In the stated case, ether price is likely to decline towards $1,720 in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly recovering in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising towards the 50 level.
Major Support Level – $1,850
Major Resistance Level – $2,065

Warren Mraz

By Warren Mraz

I’m a highly experienced and well-respected author in the field of Cryptocurrency. I have been writing on the subject for over 5 years now and have become an expert in the field. My work has been featured in many prestigious publications, including The Wall Street Journal, Forbes, and Business Insider. I’m a regular contributor to CoinDesk, one of the leading sources of Cryptocurrency news and information. In addition to my writing, I’m also a highly sought-after speaker on the topic of Cryptocurrency investing and trading. I have been invited to speak at numerous events around the world, including the World Economic Forum in Davos, Switzerland.

bitcoin
Bitcoin (BTC) $ 16,460.72
ethereum
Ethereum (ETH) $ 1,196.14
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 308.77
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.399108
dogecoin
Dogecoin (DOGE) $ 0.098895
cardano
Cardano (ADA) $ 0.313653
matic-network
Polygon (MATIC) $ 0.847419
polkadot
Polkadot (DOT) $ 5.30
staked-ether
Lido Staked Ether (STETH) $ 1,180.22
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 75.07
okb
OKB (OKB) $ 20.93
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 14.09
tron
TRON (TRX) $ 0.053691
uniswap
Uniswap (UNI) $ 5.42
leo-token
LEO Token (LEO) $ 4.21
avalanche-2
Avalanche (AVAX) $ 12.91
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,408.90
chainlink
Chainlink (LINK) $ 6.93
cosmos
Cosmos Hub (ATOM) $ 9.95
ethereum-classic
Ethereum Classic (ETC) $ 19.88
the-open-network
The Open Network (TON) $ 1.72
monero
Monero (XMR) $ 136.88
stellar
Stellar (XLM) $ 0.090718
bitcoin-cash
Bitcoin Cash (BCH) $ 111.73
algorand
Algorand (ALGO) $ 0.242094
quant-network
Quant (QNT) $ 117.58
crypto-com-chain
Cronos (CRO) $ 0.064465
filecoin
Filecoin (FIL) $ 4.35
apecoin
ApeCoin (APE) $ 3.81
vechain
VeChain (VET) $ 0.018858
near
NEAR Protocol (NEAR) $ 1.61
hedera-hashgraph
Hedera (HBAR) $ 0.049531
frax
Frax (FRAX) $ 1.00
flow
Flow (FLOW) $ 1.13
internet-computer
Internet Computer (ICP) $ 3.94
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 42.86
eos
EOS (EOS) $ 0.931461
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
theta-token
Theta Network (THETA) $ 0.956070
huobi-token
Huobi (HT) $ 7.04
chain-2
Chain (XCN) $ 0.043080
chiliz
Chiliz (CHZ) $ 0.170815
paxos-standard
Pax Dollar (USDP) $ 0.999946
tezos
Tezos (XTZ) $ 0.994243
the-sandbox
The Sandbox (SAND) $ 0.573331