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Ethereum Is Consolidating Under $2K: Can A Sharp Decline Happen?

Stefan by Stefan
16/08/2022
in Analysis, Ethereum News
Reading Time: 2 mins read
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Ethereum is consolidating under $2K, as it began a downtrend from the $2,000 barrier level versus the US dollar. As we said, at the moment Ethereum is consolidating and may even drop to $1,810 in the near future.

Ethereum has begun a downward retreat below $1,950.

At this time, the price is trading below both the 100 hourly simple moving average and $1,950.

On the hourly chart of ETH/USD, there was a breach below a connecting positive trend line with support close to $1,925.

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If the price of the pair continues below the $1,950 pivot mark, it may continue to fall.

ETH Price Dips

A few efforts were made by Ethereum to strengthen itself over the $2,000 resistance level. However, ETH was unable to continue its gains and began to decline below the $1,950 mark.

The 100 hourly simple moving average and the $1,920 mark were clearly breached. On the hourly chart of ETH/USD, a break below a connecting positive trend line with support close to $1,925 also occurred. The price of ether even dropped below $1,900.

Ethereum Is Consolidating Under $2K:
Ethereum price chart – 24 hours. Source: CoinGecko

The price has created a bottom near $1,862, and it is still extending losses. Currently, it is trading below both the 100 hourly simple moving average and $1,950.

The upward barrier on the upswing is close to the $1,900 mark. It is close to where the latest slide from the $2,030 swing high to the $1,862 low is at the 23.6% Fib retracement level. The first significant barrier is located close to the $1,945 and $1,950 levels.

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The $1,950 level serves as important resistance since it is also close to the 50% Fib retracement level of the current slide from the $2,030 swing high to the $1,862 low. A definite move above $1,950 might signal the beginning of a continuous rise to the $2,000 mark. The price may in the near future move toward the $2,080 barrier area if there are more upsides.

More Losses?

Ethereum may keep falling if it is unable to go over the $1,950 barrier. The area around $1,862 provides some initial support on the downside.

Below $1,850, where the next significant support is located, there is a possibility of a decline toward the $1,810 level. The price may potentially drop below the ,720 mark if the bears continue to trade.
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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