TA: Ethereum Dips Below $ 2K, Here's What Could Cause Another Rise

Ethereum pulled its decline below the $ 2,000 support against the US Dollar. The price of ETH is currently consolidating its losses and could start to rise further if it releases $ 2,010. Ethereum pulled its decline below the $ 2,050 and $ 2,000 support levels. The price is currently trading well below $ 2050 and the hourly simple moving average. A major bearish trend line forms with resistance near $ 2065 on the hourly chart of ETH / USD (data feed via Kraken). The pair could start a good rally, clearing the $ 2,010 resistance zone. Ethereum price stabilized above $ 1,950 After another failure above $ 2,100, Ethereum began a downside correction. ETH traded below the $ 2,050 and $ 2,010 support levels. It even surpassed the $ 2,000 level and fell below the 100 hourly simple moving average on par with bitcoin. A low was formed at $ 1,937 before the price started an upward correction in the near term. Ether climbed above the $ 1,960 and $ 1,975 levels. There was a break above the 23.6% Fib retracement level since the last drop. It appears that the price is now in a breakout configuration with resistance near $ 2,010. A clear break above the $ 2,010 resistance could move the price towards the $ 2,035 level. Source: ETHUSD on TradingView.com 50% Fib retracement level since the last drop from $ 2,132 to $ 1,937, near $ 2,050 to act as resistance. A major bearish trend line is forming with resistance near $ 2065 on the hourly chart of ETH / USD. To enter the bullish zone, the price of the ether must break the $ 2,010 resistance and then strengthen to move above the resistance of the trendline. More losses in ETH? It may still be correct if Ethereum has not cleared the $ 2,010 resistance. The first major support is currently forming near the $ 1,960 level and the lower triangle trend line. The main support is currently near the $ 1,940 level. A sharp break below the triangle support and the USD 1,940 area could pull the price towards it Read more

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