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Ethereum price is correcting gains from the $1,920 resistance against the US Dollar. If ETH clears the $1,920 and $1,930 resistance levels, it could start a fresh rally.
- Ethereum is still struggling to clear the $1,920 resistance area.
- The price is trading well above the $1,880 and 100 hourly simple moving averages.
- There is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair breaks the $1,870 support, the pair could start a heavy decline.
Ethereum Price Reaches Key Support
Ethereum price started a decline after it failed to surpass the $1,920 resistance area. ETH declined below the $1,900 level in a similar fashion as bitcoin.
There was a move below the 23.6% Fib retracement level of the key increase from the $1,836 low to $1,930 high. However, the bulls were active above the $1,870 support area. There is also a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.
Ether is now trading above $1,880 and the 100 hourly simple moving average. An immediate resistance is near the $1,920 area. The next major resistance is near the $1,930 level.
Source: ETHUSD on TradingView.com
A reasonable move above the $1,920 and $1,930 resistance levels could send ether towards $2,000. The next resistance is near the $2,050 level, above which Ethereum could climb higher to $2,120. Any further gains above the $2,120 resistance area could send the price towards the $2,250 resistance. An intermediate resistance could lie at $2,200.
Downside Break in ETH?
If Ethereum fails to overcome the $1,920 resistance, it could continue to decline. An initial support on the downside is near the $1,890 level and the trend line.
The next major support is near the $1,870 area or the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the key rise from the $1,836 low to $1,930 high. If there is a close below the $1,870 support, the price could decline further towards the $1,840 support. Any further losses in the coming sessions could probably send the price towards the $1,800 level or even $1,780.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is well below the 50 level.
Key Support Level – $1,870
Major Resistance Level – $1,920
