Ethereum’s price has started a fresh decline, dropping below $2,120. It’s now consolidating above $2,050, but a recovery might be difficult. After a sharp drop, ETH remains in a bearish zone, trading below $2,165 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD (data via Kraken), a connecting trend line is forming with support at $2,020. If the price stays below the $2,200 zone, it could continue to fall.
Ethereum Price Consolidates Losses
Ethereum couldn’t hold above $2,200 and began a downward correction, similar to Bitcoin. The price fell below $2,165 and $2,150, and even dropped under $2,020. A low of $1,914 was reached on Kraken, and now the price is trying to recover most of those losses. There was a recovery wave above the 61.8% Fibonacci retracement level of the drop from the $2,198 high to the $1,914 low. Currently, Ethereum is trading below $2,165 and the 100-hourly Simple Moving Average. Additionally, a connecting trend line with support at $2,020 is forming on the hourly chart of ETH/USD. If buyers stay active above $2,020, the price could attempt another rise. Immediate resistance is near $2,150, or the 83.2% Fibonacci retracement level of the drop from $2,198 to $1,914. The first key resistance is around $2,175, and the next major one is near $2,200. A clear break above $2,200 could push the price toward $2,250 resistance. If it breaks above $2,250, more gains might follow in the coming days. In that case, Ether could rise toward the $2,320 resistance zone or even $2,350 in the near term.
Another Drop in ETH?
If Ethereum fails to break the $2,150 resistance, it could start a new decline. Initial support on the downside is near $2,090, with the first major support around $2,050. A clear move below $2,050 might push the price toward $2,020 support. Further losses could send it toward the $1,940 region, with main support at $1,920.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,020
Major Resistance Level – $2,190
Frequently Asked Questions
Here is a list of FAQs about Ethereums price stabilizing after a selloff with bears still in control
Beginner Questions
1 What does it mean that Ethereums price has steadied
It means the price has stopped falling rapidly and is now moving sideways or in a narrow range Its not going up or down much right now
2 What is a selloff
A selloff is when a lot of people sell their Ethereum at the same time causing the price to drop quickly
3 What does bears have the upper hand mean
Bears are traders who think the price will go down Having the upper hand means they are in controlthe price is more likely to fall than rise in the near future
4 If the price has steadied why arent things looking good
Steadying just means the rapid fall has stopped It doesnt mean a recovery has started If bears are still in control the price could easily start falling again
5 Should I buy Ethereum now because its cheaper
Not necessarily A steadied price after a selloff can be a dead cat bounce Its risky to buy when bears are still dominant Wait for a clear sign that buyers have taken control
Intermediate Questions
6 What technical indicators show that bears still have the upper hand
Common signs include the price trading below its 50day and 200day moving averages a death cross and the Relative Strength Index staying below 50
7 How is Ethereums price steadiness different from a consolidation or a bottom
Steadying after a selloff is often a pause in selling not a reversal
Consolidation is a longer period of sideways movement where buyers and sellers are balanced
A bottom is a confirmed low point after which the price starts an uptrend We dont have a confirmed bottom yet while bears are in charge
8 What role do onchain metrics play here
If large holders are moving ETH to exchanges