Ethereum

Resistance

Gains

Ethereum price started a downside correction and traded below $2,000. ETH must stay above $1,920 to start a fresh increase in the near term. 
<ul> 
 <li>Ethereum is correcting gains and testing the $1,920 support zone.</li> 
 <li>The price is trading below $2,000 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a fresh increase if it clears the $2,000 resistance zone in the near term.</li> 
</ul> 
<h2 id="ethereum-price-holds-key-support">Ethereum Price Holds Key Support</h2> 
After struggling to clear the $2,120 resistance, Ethereum price started a downside correction like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-34650/" target="_blank" rel="noopener ">Bitcoin</a>. ETH traded below the $2,050 and $2,000 support levels. 
However, the bulls were active above the <a href="https://www.newsbtc.com/analysis/eth/ethereum-holds-ground-2000/" target="_blank" rel="noopener ">$1,920 support zone</a>. A low was formed near $1,933 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent drop from the $2,118 swing high to the $1,933 low. 
Ethereum is now trading below $2,000 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,000 zone. There is also a key bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD. 
The next major resistance sits at $2,025 or the 100-hourly Simple Moving Average or the 50% Fib retracement level of the recent drop from the $2,118 swing high to the $1,933 low. A close above the trend line and $2,025 could start a decent increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468"><img decoding="async" class="alignnone size-full wp-image-560722" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468" alt="Ethereum Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum-10.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/ETHUSD/" target="_blank" rel="noopener nofollow">ETHUSD on TradingView.com</a> 
The next key resistance is near $2,075, above which the price could aim for a move toward the $2,120 barrier. Any more gains could start a wave toward the $2,250 level. 
<h2 id="more-losses-in-eth">More Losses in ETH?</h2> 
If Ethereum fails to clear the $2,000 resistance and the trend line, it could start a fresh decline. Initial support on the downside is near the $1,950 level. 
The next key support is $1,920. A downside break below the $1,920 support might start a sharp decline. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level. 
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 below the 50 level. 
Major Support Level – $1,920 
Major Resistance Level – $2,025

Ethereum Price Trims Gains – These Factors Could Trigger Fresh Increase

Table of Contents

NewsBTC

Other articles published on Nov 15, 2023

MEME Launch Sets Positive Precedent for Coming Blue Chip NFT: Analyst

Value of Solana and XRP Climbs; NuggetRush Takes the Lead in ICO Market

How to Buy Siacoin?

Three Stocks Poised to Benefit from Inflation Cooling

Is Lithuania the top Choice Among EU Countries for Acquiring a Cryptocurrency License?

Delivering veSIS functionality on a new network today — kudos to zkSync!

Join our free newsletter for daily crypto updates!