Ethereum price failed to recover above $2,200 and started a fresh decline against the US Dollar. ETH price is now trading well below $2,200 and the 55 simple moving average (4-hours). The pair is likely to accelerate lower if there is a close below the $2,000 support zone. An initial resistance on the upside is near the $2,050 level. It is near the 23.6% Fib retracement level. The first major resistance is near the broken trend line and $2,100. It is near the 50% Fib retracement level .
A clear break above the $2,100 level may possibly push the price towards the main $2,200 resistance zone. To move into a positive zone, the price must settle above $2,200 and the 55 simple moving average (4-hours).
