The Ethereum price failed to break through the $2200 region and has declined. Currently, ETH is consolidating above $2020 and may find it difficult to initiate a rebound. Ethereum has started a new round of decline from the $2200 area. The price is below $2120 and the 100-hour simple moving average. On the ETH/USD hourly chart (data from Kraken), a key descending trend line is forming, with resistance at $2135. If the price continues to stay below the resistance at $2120, it may begin a new round of decline. The Ethereum price has further dropped, failing to hold above $2150, and like Bitcoin, has begun a new round of decline. The ETH price fell below $2120 and $2080, entering bear market territory. The bears even pushed the price down to around $2020. The Ethereum price formed a low near $2032 and is currently consolidating around the 23.6% Fibonacci retracement level, which is the 23.6% retracement of the decline from the $2199 high to the $2032 low. Additionally, a key descending trend line is forming on the Ethereum/USD hourly chart, with resistance near $2135. The Ethereum price is currently below $2120 and the 100-hour simple moving average. If the bulls can hold above $2020, the price may attempt to rise again. Immediate resistance is near $2100.
ETH
2,030.1
+1.10%