TA: Ethereum Dips But Here’s Why ETH Could Start Fresh Increase

May 24, 2022 08:00 am Cryptocurrency 120

Ethereum failed to clear the $2,085 resistance and declined against the US Dollar. ETH must stay above $1,920 to start a fresh increase in the near term.

Ethereum failed to clear the $2,085 and $2,100 resistance levels.

The price is now trading below $2,000 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down towards the main $1,920 support zone.

Ethereum Price Trades Below $2K

Ethereum attempted to clear the $2,085 and $2,100 resistance levels. However, ETH failed to gain strength and formed a short-term top near the $2,085 level.

There was a bearish reaction below the $2,050 support level. Besides, there was a break below a key bullish trend line with support near $2,000 on the hourly chart of ETH/USD. There was a move below the 50% Fib retracement level of the upward move from the $1,920 swing low to $2,085 high.

Ether price is ..

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