Ethereum fails over $2,000, it could resume slide.
Ethereum tried a decent recovery. However, it lost over $2,000 against the USD. The price of ETH is trimming gains and it could continue to move down to $1,850.
Ethereum Price cuts gains
Ethereum has found a heavy support close to the $1,700 zone, same as bitcoin. ETH started a recovery wave over the $1,800 and $1,900 levels.
There has been a break over the 50% Fib retracement level of the key drop from the $2,285 swing high to $1,700 swing low. But ether price has failed to overcome the $2,050 and $2,060 resistance levels.
It now trades well below $2,000 and the 100 hourly simple moving average. The price also failed close to the 61.8% Fib retracement level of the key drop from the $2,285 swing high to $1,700 swing low. There is also a crucial bearish trend line that forms with resistance near $2,060 on the hourly chart of ETH/USD.
A quick resistance on the upside is close to the $1,950 level. The first major resistance is close to the $2,000 zone and the 100 hourly SMA. The major barrier is near the trend line and $2,050. To move to a positive zone, ether price should clear the $2,000 and $2,050 levels in the future term.
Are there any more losses in ETH?
If ever Ethereum fails to clear the $2,000 and $2,050 resistance levels, it can continue moving down. An initial support on the downside is close to the $1,850 level.
The first principal support now forms near the $1,820 level. The main support now forms close to the $1,800 level. A downside break below the $1,800 zone can put a lot of pressure on the bulls. In a mentioned case, the price seems to revisit the $1,700 zone in the near term.
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