Ethereum

Resistance

Ethereum price declined sharply alongside Bitcoin. ETH traded below $2,000, but it is still holding the key support at $1,920 and might attempt a fresh increase. 
<ul> 
 <li>Ethereum struggled to clear the $2,070 resistance and corrected lower.</li> 
 <li>The price is trading below $2,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if it clears the $2,000 hurdle.</li> 
</ul> 
<h2 id="ethereum-price-eyes-fresh-increase">Ethereum Price Eyes Fresh Increase</h2> 
Ethereum price failed to clear the $2,070 resistance and reacted to the downside. ETH declined below the $2,000 support zone after reports of Binance’s settlement, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-35650/" target="_blank" rel="noopener ">Bitcoin</a>. 
The bears even pushed the price below the $1,950 support zone and the 100-hourly Simple Moving Average. However, Ether stayed above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-clears-hurdle-2020/" target="_blank" rel="noopener ">$1,920 support</a> zone. A low was formed near $1,930 and the price is now attempting a fresh increase. 
Ethereum broke the 23.6% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level. However, it is still below $2,000 and the 100-hourly Simple Moving Average. 
On the upside, the price is facing resistance near the $1,990 zone. There is also a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD. The first key resistance is near the $2,000 level or the 50% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-561879" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-16.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> 
A clear move above the $2,000 level could spark bullish moves. The next resistance is near $2,070, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,950 level. 
The next key support is $1,930 or $1,920. The main support is still near $1,905. A downside break below the $1,905 support might trigger more losses. In the stated case, Ether could drop toward the $1,820 support zone in the near term. 
Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI – The RSI for ETH/USD is now near the 50 level. 
Major Support Level – $1,930 
Major Resistance Level – $2,000

Ethereum Price Recovery In Trouble? Here Are Key Hurdles To Fresh Increase

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