Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. ETH could correct lower if it breaks the $1,865 support zone.
- Ethereum is currently correcting lower from the $1,920 resistance.
- The price is trading above $1,865 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a short-term slide if there is a break below the $1,865 support.
Ethereum Price Struggles Below $1,920
Ethereum price extended its rise above the $1850 resistance zone. ETH even topped $1,920 before the bears showed up. A high is formed near $1,929 and the price is now correcting gains, similar to Bitcoin.
There was a move below the $1,900 and $1,880 levels. However, the bulls are still protecting the $1,865 support zone. A low is formed near $1,866 and the price is now attempting a further rise. It is trading near the 23.6% Fibonacci retracement level of the recent drop from the $1,929 high to $1,866 low.
Ether is trading above $1,865 and the 100 hourly simple moving average. Immediate resistance is near the $1,890 level. There is also a key 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% Fibonacci retracement level of the recent drop from the $1,929 high to $1,866 low. The main resistance is near the $1920 and $1930 levels. If the bulls manage to push Ethereum above the $1,930 zone, the price could even break above $1,965.
Fountain: ETHUSD on TradingView.com
The next resistance is near $2000, above which the price could rally to the $2050 level. More gains above the $2,050 resistance zone could send the price looking towards the $2,120 resistance.
ETH break down?
If Ethereum fails to clear the resistance at $1900, it could continue lower. Initial support on the downside is near the $1,865 level.
The next big support is near the $1,840 level. If there is a break below the $1840 support, the price could test $1790. Any further losses could perhaps send the price towards the $1,750 or even $1,720 zone.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,865
Highest Resistance Level: $1,900
