ETH Could Start Fresh Increase After Recent Dips: Analysis

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ETH could start fresh increase after the many recent dips and after failing to clear the $2085 so the coin has to stay above $1920 to start a new increase in the near term let’s read more today in our latest Ethereum news.

Ethereum failed to clear the $2085 and the $2100 resistance levels so ETH could start fresh increase. The price is now trading below the $2000 and the 100 hourly simple moving average but there was also a new break below the key bullish trend line and support for $2000 on the hourly chart of the ETH/USD pair. The pair could continue moving towards the main $1920 support zone. Ethereum tried to clear the $2085 and the $2100 resistance level but then failed to gain some strength and formed a short-term top close to the $2085 level.

There was a bearish reaction below the $2050 support so besides there was a break below the key bullish trend line with the support close to $2000 on the hourly chart of the pair and there was a move below the 50% fib retracement level from the move of the $1920 swing low to $2085 high. The ETH price is trading below $2000 and the 100 hourly simple moving averages and tested the 76.4% fib retracement level of the upwards movement of the $1920 swing low to $2085 high. The price is consolidating near the $1980 level and the first major is near the $2000 level and the 100 hourly simple moving average with the main resistance now forming near the $2085 level and this level could open the doors for a decent increase.

Source ETHUSD on TradingView.com

In the stated case, the ETH price could rise towards $2150 resistance with more gains that could send it towards the key $2200 resistance. If ETH fails to recover above this level resistance, it can continue to move down and the initial support on the downside is near the $1960 zone. The next major support is close to the $1920 level and a close below this level could start a new downtrend but in the stated case, the price can dive towards the $1900 level and the next major support could be near the $1800 and the $1780 in the near term. The hourly MACD for the pair is losing momentum in the bear zone. The RSI for the pair is below the 50 levels and the major support level is set at $1920.

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