Ethereum Price Slide May Not Be Over Yet—More Losses Loom

Ethereum price started a fresh decline and traded below 2,000. ETH is now consolidating near 2,000 and might continue to move down. Ethereum remained in a bearish zone after a fresh decline below 2,010. The price is trading below 2,010 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at 2,015 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the 2,050 zone. Ethereum Price Remains At Risk of More Downside Ethereum price failed to remain stable above 2,040 and started a fresh decline, like Bitcoin. ETH price dipped below the 2,020 and 2,010 levels. The price even traded below 1,985. A low was formed at 1,965, and the price recently attempted a minor recovery wave. There was a move above the 23.6 Fib retracement level of the downward move from the 2,140 swing high to the 1,965 low. However, the bears remained active near 2,040. The price dipped again below 2,020. There was a break below a bullish trend line with support at 2,015 on the hourly chart of ETH/USD. Ethereum price is now trading below 2,010 and the 100-hourly Simple Moving Average. If the bulls remain in action above 1,980, the price could attempt another increase. Immediate resistance is seen near the 2,020 level. The first key resistance is near the 2,030 level. The next major resistance is near the 2,050 level or the 50 Fib retracement level of the downward move from the 2,140 swing high to the 1,965 low. A clear move above the 2,050 resistance might send the price toward the 2,085 resistance. An upside break above the 2,085 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 2,120 resistance zone or even 2,150 in the near term. More Downside In ETH? If Ethereum fails to clear the 2,050 resistance, it could start a fresh decline. Initial support on the downside is near the 1,980 level. The first major support sits near the 1,965 zone. A clear move below the 1,965 support might push the price toward the 1,920 support. Any more losses might send the price toward the 1,850 region. The main support could be 1,780. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – 1,980 Major Resistance Level – 2,050