TA: Ethereum Struggles Below $2K, Why Bears Remain In Action
May 26 2022 - 1:08AM
NEWSBTC
Ethereum struggled to gain pace above the $2,000 resistance against
the US Dollar. ETH is declining, but it is still above the key
$1,920 support zone. Ethereum is showing a few bearish signs below
the $2,000 barrier. The price is now trading below $2,000 and the
100 hourly simple moving average. There is a major bearish trend
line forming with resistance near $1,970 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could decline sharply if
there is a clear move below the $1,920 support zone. Ethereum Price
Settles Below $2K Ethereum climbed above the $1,950 resistance and
the 100 hourly simple moving average. However, the bears protected
major gains above the key $2,000 zone. The price started a fresh
decline from the $2,020 swing high. There was a clear move below
the $1,980 level and $1,950. Ether is now trading below $2,000 and
the 100 hourly simple moving average. A low is formed near $1,931
and the price is now consolidating losses. On the upside, an
initial resistance is near the $1,950 level. It is near the 23.6%
Fib retracement level of the recent decline from the $2,020 swing
high to $1,931 low. The next major resistance is near the $1,970
level. There is also a major bearish trend line forming with
resistance near $1,970 on the hourly chart of ETH/USD. The trend
line is near the 50% Fib retracement level of the recent decline
from the $2,020 swing high to $1,931 low. Source: ETHUSD on
TradingView.com The main resistance is now forming near the $2,000
level. A close above the $2,000 level could open the doors for a
steady increase. In the stated case, ether price could rise towards
the $2,085 resistance zone. Any more gains may perhaps send it
towards the key $2,200 resistance zone. More Losses in ETH? If
ethereum fails to recover above the $2,000 resistance, it could
continue to move down. An initial support on the downside is near
the $1,930 zone. The next major support is near the $1,920 level. A
downside break below the $1,920 level might call for a sharp
decline. In the stated case, the price could dive towards the
$1,850 level. Any more losses may perhaps call for a move to
$1,800. Technical Indicators Hourly MACD – The MACD for ETH/USD is
now losing momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now below the 50 level. Major Support Level – $1,920
Major Resistance Level – $2,000
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