Once again, the Ethereum price fails to gain a foothold above $2000. In this area, we are witnessing the activation of bears, which reduce the price to the area of 1900. At the time of publication, the ETH/USD pair is trading in the area of 1970. And also below the 100-hour moving average, which provides additional resistance in the area of 1970. On the hourly chart of the ETH/USD pair, a triangle is forming, which limits the price from below in the area of 1950 and up in the area of 2000.
The current movement of the ETH/USD pair showed that the level of 1700 provides sufficient support for the pair.
If the ETH/USD pair still manages to rise above the 100-hour moving average and gain a foothold above the level of 2000, the main barrier for it will be the mark of 2050.
If we see a repeat of the scenario, when the Ethereum price rises above $2000, but cannot hold, it may start a new decline downward. In this case, the initial support area will be around 1850-1820.
A breakout of this area and the support level of 1800 will send pair of ETH/USD towards the strong support area of 1700.