Ethereum Price Tumbles Hard, Bears Tighten Grip On Market Momentum

TL;DR

Ethereum price has declined below $2,050 and is struggling to recover, currently consolidating below $2,150. The market momentum remains bearish as ETH faces resistance at these levels.

Key points

Ethereum price is below $2,050
Consolidating below $2,150
Market momentum is bearish

Ethereum price started a fresh decline and traded below $2,050. ETH is now consolidating below $2,150 and might struggle to recover.

Ethereum started a downside extension below the $2,150 zone.
The price is trading below $2,150 and the 100-hourly Simple Moving Average.
There is a connecting trend line forming with support at $2,050 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it stays below the $2,150 zone.

Ethereum Price Extends Losses

Ethereum price failed to remain stable above $2,220 and started a downside correction, like Bitcoin. ETH price dipped below the $2,200 and $2,150 levels.

The price even traded below $2,050. A low was formed at $1,914 on Kraken, and the price is now consolidating losses. There was a recovery wave above the 50% Fib retracement level of the downward move from the $2,197 swing high to the $1,914 low.

Ethereum price is now trading below $2,150 and the 100-hourly Simple Moving Average. Besides, there is a connecting trend line forming with support at $2,050 on the hourly chart of ETH/USD.

If the bulls remain in action above $2,050, the price could attempt another increase. Immediate resistance is seen near the $2,130 level. The first key resistance is near the $2,150 level or the 76.4% Fib retracement level of the downward move from the $2,197 swing high to the $1,914 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,200 level. A clear move above the $2,200 resistance might send the price toward the $2,250 resistance. An upside break above the $2,250 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,300 resistance zone or even $2,320 in the near term.