Ethereum is still in a bearish zone, with an exchange rate of less than 2,250 USD against the US dollar.
There is still a risk that the price of ETH will fall further below 2,000 USD in the short term.
ETH started a steady decline from well above 2,400 USD, similar to Bitcoin. The trading price of Ether fell below the support levels of 2,250 USD and 2,120 USD and entered the bearish zone.
There was a recent breakthrough below the 2,100 USD support zone, and a low point was formed near 2,041 USD. Recently, the ETH has started a good recovery and rebounded to more than 2,200 USD.
However, the price failed to break the resistance levels of 2,250 USD and 2,280 USD and is currently well below the 2250 USD and 100-hour simple moving average.
Ethereum resumed its decline and traded below 2,150 USD. There is a clear break below the 50% Fibonacci retracement level of the upward movement from the low of 2,041 USD to the high of 2,276 USD.
It now trades closely to the support level of 2,080 USD and is testing the 76.4% Fibonacci retracement level of the upward movement from the low of 2,041 USD to the high of 2,276 USD.
The first major struggle on the upside is near the 2,150 USD level. The main resistance is formed near the 2,250 USD and the 100-hour simple moving average.
On the hourly chart of ETH/USD, the key downtrend line also formed resistance near 2,220 USD.
If Ethereum fails to break the resistance levels of 2,150 USD and 2,250 USD, it may continue to fall. The initial support level for the downside is around 2,050 USD.
A major breakout support level is now formed around 2,000 USD. A break below the recent lows and below the 2,000 USD support level may trigger a sharp decline.
Under the conditions shown, the price of Ether may fall to 1,850 USD in the near term.
Here are some technical indicators
Hourly MACD – MACD for ETH / USD is now accelerating in the bearish zone.
RSI for ETH / USD is currently well below the 50 levels.
Main support level – 2,000 USD
Main resistance level – 2,250 USD
