Ethereum Price Drops Near $2,020, Downside Pressure Continues to Build
Ethereum price failed to clear the $2,200 zone and declined. ETH is now consolidating above $2,020 and might struggle to start a recovery wave. The first key resistance is near the $2,120 level or the 50% Fib retracement level of the downward move from the $2,199 swing high to the $2,032 low. The next major resistance is near the $2,135 level and the trend line. A clear move above the $2,135 resistance might send the price toward the $2,200 resistance. An upside break above the $2,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,245 resistance zone or even $2,320 in the near term. If Ethereum fails to clear the $2,135 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The first major support sits near the $2,020 zone. A clear move below the $2,020 support might push the price toward the $1,980 support. Any more losses might send the price toward the $1,950 region. The main support could be $1,880. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,020 Major Resistance Level – $2,135More Losses In ETH?
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