Ethereum’s price is currently facing resistance at $1,920 against the US Dollar. Despite several attempts to surpass this level, ETH has been unable to gain bullish momentum and is now trading below $1,900 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support near $1,885 on the hourly chart of ETH/USD, indicating a potential decline towards the $1,790 support level in the near future.
Ethereum’s price has been stuck in a range, unable to break above the crucial $1,920 resistance zone. Similar to Bitcoin, ETH failed to gather enough bullish momentum for a close above this level. The price reached a high near $1,912 before beginning to move lower. It fell below the $1,900 level and retraced below the 50% Fib retracement level of the recent increase from the $1,838 low to the $1,912 high. Additionally, there was a break below a key bullish trend line with support near $1,885 on the hourly chart.
Currently, Ethereum is trading below $1,900 and the 100-hourly Simple Moving Average. It is testing the 76.4% Fib retracement level of the recent increase from the $1,838 low to the $1,912 high. If Ethereum manages to stay above $1,850, it could attempt another increase. The immediate resistance is near the $1,880 level or the 100-hourly Simple Moving Average, followed by the major resistance at $1,900.
According to the chart and technical analysis, the main barrier for Ethereum’s price lies near the $1,920 and $1,930 levels. A successful close above the $1,930 zone could initiate a steady increase and propel the price higher. The next resistance level sits near $2,000, and if ETH breaks above it, it could rise towards the $2,050 level. Further gains may lead Ether to challenge the $2,120 resistance level.
Related Post
However, if Ethereum fails to clear the $1,900 resistance, it could continue to face downward pressure. The initial support on the downside is near the $1,850 level, followed by the next major support at $1,840. A move below $1,840 could accelerate the decline towards the $1,790 support level. If the selling pressure intensifies, the price might even test the $1,750 support.
In terms of technical indicators, the MACD for ETH/USD is gaining momentum in the bearish zone, suggesting further downward movement. The hourly RSI for ETH/USD is below the 50 level, indicating a bearish sentiment.
In conclusion, Ethereum’s price is facing resistance at $1,920 and is trading below $1,900 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line, signaling a downside potential. The next support levels to watch are $1,850, $1,840, and $1,790. On the upside, a close above $1,930 could pave the way for further gains towards $2,000 and beyond. Traders and investors should monitor these key levels and indicators to make informed decisions.
