Ethereum Price Drops Near $2,020, Downside Pressure Continues to Build

Ethereum price failed to clear the $2,200 zone and declined. ETH is now consolidating above $2,020 and might struggle to start a recovery wave. Ethereum started a fresh decline from the $2,200 zone. The price is trading below $2,120 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,135 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,120 resistance. Ethereum Price Dips Further Ethereum price failed to stay above $2,150 and started a fresh decline, like Bitcoin. ETH price dipped below $2,120 and $2,080 to enter a bearish zone. The bears even pushed the price toward $2,020. A low was formed at $2,032, and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $2,199 swing high to the $2,032 low. There is also a key bearish trend line forming with resistance at $2,135 on the hourly chart of ETH/USD. Ethereum price is