Ethereum

Resistance

Ethereum price is moving lower from $2,130. ETH is showing a few bearish signs and might decline toward the $1,920 support zone. 
<ul> 
 <li>Ethereum is slowly moving lower below the $2,060 zone.</li> 
 <li>The price is trading below $2,060 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a major bearish trend line forming with resistance near $2,040 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could continue to move down toward the $1,920 support zone.</li> 
</ul> 
<h2 id="ethereum-price-extends-decline">Ethereum Price Extends Decline</h2> 
Ethereum price started a fresh decline after it struggled near $2,130. ETH formed a high at $2,132 and started a downward movement. There was a move below the $2,100 and $2,080 levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-grinds-lower-35k/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price even spiked below the $2,000 support. A low was formed near $1,986 and the price is now consolidating losses. There was a minor recovery wave above the $2,020 level. Ether climbed above the 23.6% Fib retracement level of the recent drop from the $2,132 swing high to the $1,986 low. 
Ethereum is now trading below $2,060 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,040 zone. There is also a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-correction-1930/" target="_blank" rel="noopener ">major bearish trend line</a> forming with resistance near $2,040 on the hourly chart of ETH/USD. 
The first key resistance is near the $2,060 level or the 50% Fib retracement level of the recent drop from the $2,132 swing high to the $1,986 low. The next resistance sits at $2,100. A clear move above the $2,100 level could send the price toward the $2,135 resistance zone. <a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="size-full wp-image-562761" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-21.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 $2,150, 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 $2,040 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level. 
The next key support is $1,985. A downside break below $1,985 might send Ether toward the $1,920 support. The key support is now at $1,885, below which there is a risk of a move toward the $1,820 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 – $1,985 
Major Resistance Level – $2,040

Ethereum Bears Keep Pressing, Why ETH Price Might Revisit This Key Support

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