Ethereum Price Struggles to Break Resistance, Consolidates Above Key Support

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Ethereum price experienced a correction and dropped below the $2,050 level. Currently, it is consolidating above the $2,020 support zone and may see a fresh increase in the near future. However, it is still struggling to surpass the resistance levels at $2,075 and $2,080. The price is trading below $2,050 and the 100-hourly Simple Moving Average. A key bullish trend line with support at $2,040 was broken, indicating a bearish trend. To gain bullish momentum, Ethereum needs to clear the 100-hourly Simple Moving Average and the $2,075 level. Despite Bitcoin managing to stay above the $37,550 support zone, Ethereum faced difficulties in surpassing the $2,075 resistance zone. As a result, it dropped below $2,050. The price also traded below the 50% Fib retracement level of the upward move from the $1,986 swing low to the $2,076 high. Additionally, a key bullish trend line with support at $2,040 was broken. Currently, Ethereum is trading below $2,050 and the 100-hourly Simple Moving Average. It is consolidating above the $2,020 support zone and facing resistance near the $2,000 zone and the 100-hourly Simple Moving Average. The first key resistance is at $2,075, followed by $2,090. A clear move above $2,090 could lead to further gains towards the $2,130 resistance zone. If Ethereum fails to clear the $2,050 resistance, it may continue to move downwards. The initial support on the downside is at $2,020, followed by $2,000. A downside break below $2,000 could result in a steady decline, with the key support level at $1,930. Further downwards movement could lead to a move towards the $1,880 level in the near term. The technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, and the RSI for ETH/USD is below the 50 level.

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