Ethereum Consolidates, What Could Trigger Strong Recovery in ETH

Ethereum

Ethereum restarted its decline after it failed to stay above $2,000 against the US Dollar. ETH price is holding the $1,880 support, but it must clear $2,000 for a decent increase.

Ethereum started a fresh decline and it once again tested the $1,880 support zone.
The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears the $1,965 and $2,000 resistance levels.

Ethereum Price Settles Below $2K
After a failed attempt to settle above $2,000, ethereum extended its decline, similar to bitcoin. ETH price broke the $1,920 support and it settled well below the 100 hourly simple moving average.
However, the price stayed above the $1,880 support. A low was formed near $1,861 and the price recently started an upside correction. There was a break above the $1,920 and $1,925 resistance levels.
Ether climbed above the 23.6% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. It is now facing resistance near the $1,950 zone. There is also a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. The next major resistance is near the $2,000 zone and the 100 hourly simple moving average.
If ether breaks the trend line and then settles above $2,050, there could be a steady increase. The next major resistance is near the $2,050 level.
Fresh Decline in ETH?
If Ethereum fails to recover above $1,955 and $2,050, it could continue to move down. An initial support on the downside is near the $1,920 level.
The first major support is near the $1,880 level. If ether fails to stay above the $1,880 support, it could decline towards the $1,865 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now back above the 50 level.
Major Support Level – $1,880
Major Resistance Level – $2,000

bitcoin
Bitcoin (BTC) $ 69,563.64
ethereum
Ethereum (ETH) $ 2,495.98
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 570.31
solana
Solana (SOL) $ 166.19
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.509311
staked-ether
Lido Staked Ether (STETH) $ 2,495.22
dogecoin
Dogecoin (DOGE) $ 0.159837
tron
TRON (TRX) $ 0.166295
cardano
Cardano (ADA) $ 0.352002
the-open-network
Toncoin (TON) $ 4.88
wrapped-steth
Wrapped stETH (WSTETH) $ 2,944.82
shiba-inu
Shiba Inu (SHIB) $ 0.000017
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,566.64
avalanche-2
Avalanche (AVAX) $ 24.22
weth
WETH (WETH) $ 2,496.09
chainlink
Chainlink (LINK) $ 11.24
bitcoin-cash
Bitcoin Cash (BCH) $ 354.19
usds
USDS (USDS) $ 1.00
leo-token
LEO Token (LEO) $ 6.06
polkadot
Polkadot (DOT) $ 3.89
sui
Sui (SUI) $ 1.89
litecoin
Litecoin (LTC) $ 69.52
near
NEAR Protocol (NEAR) $ 3.85
wrapped-eeth
Wrapped eETH (WEETH) $ 2,623.98
aptos
Aptos (APT) $ 8.60
uniswap
Uniswap (UNI) $ 7.40
pepe
Pepe (PEPE) $ 0.000009
internet-computer
Internet Computer (ICP) $ 7.61
dai
Dai (DAI) $ 1.00
bittensor
Bittensor (TAO) $ 437.74
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.19
monero
Monero (XMR) $ 153.98
kaspa
Kaspa (KAS) $ 0.112602
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.092596
whitebit
WhiteBIT Coin (WBT) $ 18.93
ethereum-classic
Ethereum Classic (ETC) $ 18.16
first-digital-usd
First Digital USD (FDUSD) $ 0.999992
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.313515
blockstack
Stacks (STX) $ 1.58
okb
OKB (OKB) $ 37.75
dogwifcoin
dogwifhat (WIF) $ 2.17
aave
Aave (AAVE) $ 138.66
filecoin
Filecoin (FIL) $ 3.43
arbitrum
Arbitrum (ARB) $ 0.505866
crypto-com-chain
Cronos (CRO) $ 0.072278
mantle
Mantle (MNT) $ 0.572051
celestia
Celestia (TIA) $ 4.68