Ethereum struggled to gain pace above the $2,000 resistance against the US Dollar. ETH is correcting lower, but dips might be limited below the $1,900 zone. Ethereum started a downside correction from the $2,000 resistance zone. The price is still trading above $1,900 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above $1,900 and the 100 hourly SMA. Ethereum Price Reaches Key Support Ethereum attempted an upside break above the $2,000 resistance zone. However, the bulls struggled above the $2,000 level. A high was formed near $2,015 and the price started a downside correction. There was a move below the $1,950 and $1,940 levels. Ether price dipped below the 23.6% Fib retracement level of the upward move from the $1,704 swing low to $2,015 high. However, it is still trading above $1,900 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $1,960 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,980 level and a connecting bearish trend line on the same chart. The main resistance is still near the $2,000 zone. A proper upside break above the $2,000 resistance might stage a fresh increase. In th...
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