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Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. If ETH breaks the $1,865 support area, it could decline further.
- Ethereum is currently declining below the $1,920 resistance.
- The price is trading above $1,865 and the 100-hour simple moving average.
- There is a major bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair breaks below the $1,865 support, it could start a short term decline.
Ethereum price is struggling below $1,920
Ethereum price extended its gains above the $1,850 resistance area. ETH even rallied above $1,920 before turning into a bear market. There was a formation high near $1,929 and the price is now correcting gains, similar to bitcoin.
There was a decline below the $1,900 and $1,880 levels. However, the bulls are still protecting the $1,865 support area. There was a swing low near $1,866, and the price is now making a fresh attempt to move higher. It is trading near the 23.6% Fib retracement level of the recent decline from the $1,929 high to $1,866 low.
Ether is trading above $1,865 and the 100-hour simple moving average. An immediate resistance is near the $1,890 level. There is also a major bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD.
The next major resistance is near the $1,900 level or the 50% Fib retracement level of the recent decline from the $1,929 high to $1,866 low. The main resistance is near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the $1,930 area, the price could even surpass $1,965.
Source: ETHUSD on Tradingview.com
The next resistance is near the $2,000 level, above which the price is likely to rise towards the $2,050 level. Any more gains above the $2,050 resistance area could send the price towards the $2,120 resistance.
ETH Falling?
If Ethereum fails to clear the $1,900 resistance, it could continue to decline. On the downside, an initial support is near the $1,865 level.
The next major support is near the $1,840 level. If there is a break below the $1,840 support, the price could test $1,790. Any further losses could probably take the price towards the $1,750 area or even $1,720.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,865
Major Resistance Level – $1,900
