Ethereum Price Faces Resistance and Drops, Threatening Key Support Levels

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Ethereum price faced resistance above $2,100 and is now moving lower towards the $1,930 support level. The price is trading below $2,080 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance near $2,065. If the price breaks the $2,035 support zone, it could continue to move down. Ethereum attempted a fresh increase but failed to surpass the $2,080 resistance. The bears were active above $2,120 and the price declined to a low of $2,037. Currently, the price is consolidating losses and struggling below the 23.6% Fib retracement level. On the upside, the price is facing resistance near the $2,065 zone and the first key resistance is at $2,100. A clear move above $2,100 could send the price towards the $2,120 resistance zone. The next resistance levels are at $2,135 and $2,200. However, if the price fails to clear the $2,080 resistance, it could start a fresh decline. The initial support is at $2,035, followed by $2,000. A downside break below $2,000 might lead to a drop towards the $1,930 support level. The major support is now at $1,900, with a risk of a move towards $1,840. The technical indicators show that the MACD is losing momentum in the bullish zone and the RSI is below the 50 level.

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