Ethereum

Resistance

Ethereum price struggled above $2,100. ETH is now moving lower and might continue to drop toward the $1,930 support in the near term. 
<ul> 
 <li>Ethereum is consolidating and facing resistance near the $2,060 zone.</li> 
 <li>The price is trading below $2,080 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down if it breaks the $2,035 support zone.</li> 
</ul> 
<h2 id="ethereum-price-drops-again">Ethereum Price Drops Again</h2> 
Ethereum price attempted a fresh increase above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-pattern-2080/" target="_blank" rel="noopener ">$2,080 resistance zone</a>. ETH even spiked above the $2,120 resistance zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-38k/" target="_blank" rel="noopener ">Bitcoin</a>. However, the bears were active above $2,120. 
A high was formed near $2,132 before the price started a fresh decline. There was a move below the $2,080 level. A low is formed near $2,037 and the price is now consolidating losses. It is struggling below the 23.6% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. 
Ethereum is now trading below $2,080 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,065 zone. There is also a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD. 
The first key resistance is near the $2,100 level or the 61.8% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. A clear move above the $2,100 level could send the price toward the $2,120 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-562554" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-20.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
The next resistance is near $2,135, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,035 level. 
The next key support is $2,000. A downside break below $2,000 might send Ether toward the $1,930 support. The key support is now at $1,900, below which there is a risk of a move toward the $1,840 level. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 
Hourly RSI – The RSI for ETH/USD is now below the 50 level. 
Major Support Level – $2,035 
Major Resistance Level – $2,080

Ethereum Price Hints At Potential Correction, Buy The Dip?

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