ethereum price is still struggling to overcome the $1,920 resistance against the US dollar. eth is moving lower, but downsides could be limited below $1,850.
- ethereum is still struggling to break above the $1,920 level.
- The price is trading above $1,860 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $1,880 on the hourly chart of eth/USD (data via Kraken).
- The pair could rise once again unless it closes below the $1,850 support zone.
ethereum price stuck in range
ethereum remained stable above the $1,850 support zone. eth made another attempt to gain bullish momentum above the $1,880 resistance, like bitcoin.
There was a break above a connecting bearish trend line with resistance near $1,880 on the hourly chart of eth/USD. However, the pair again failed to break above the $1,920 resistance zone. A high is formed near $1,907 and the price is declining.
There was a drop below the $1,885 level. The price even tested the 50% Fibonacci retracement level of the recent rise from the low of $1,851 to the high of $1,907.
ethereum is now trading above $1,860 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,900 level. The first major resistance lies at $1,920. To start a new rise, the bulls must overcome the resistance at $1,920.
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Fountain: ETHUSD on TradingView.com
In the indicated case, the price could rise towards the $2,000 resistance. The next key resistance is near $2,050, above which the price could accelerate towards the $2,120 level.
Are drops in eth limited?
If ethereum fails to overcome the $1,900 resistance, it could continue down. Initial support on the downside is near the $1,880 level. The next key support is $1,870 or the 100 hourly SMA.
The 61.8% Fib retracement level of the recent rise from the low $1,851 to the high $1,907 is also at $1,870. The main support is located at $1,850. A downside break below the $1,850 support could send Ether even lower. In the indicated case, the price could fall towards the $1,780 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,870
Main Resistance Level: $1,920
