Ethereum price failed to test $2,000 and corrected lower against the US Dollar. ETH is testing the $1,930 support and a new rise could start.
- Ethereum is correcting gains from the $1,975 area.
- The price is trading above $1,930 and the 100 hourly simple moving average.
- A short-term falling channel is forming with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another rally if it holds steady above $1930 any time soon.
Ethereum price maintains support
Ethereum price attempted a bullish breakout above the $1975 zone but failed. ETH struggled to gain pace for a move towards $2,000 and corrected gains, similar to Bitcoin.
There was a dip below the $1,950 support. The price dipped below the 23.6% Fib retracement level of the up move from the $1,890 low to $1,975 high. However, the bulls were active near the $1930 support zone.
It also tested the 50% Fib retracement level of the up move from the $1,890 low to $1,975 high. Ether price is now trading above $1,930 and the 100 hourly simple moving average.
Immediate resistance is near the $1,950 level. There is also a short-term falling channel forming with resistance near $1,950 on the hourly chart of ETH/USD. The next major resistance is near the $1,975 level. A clear move above the $1975 resistance could push the price towards $2000.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $2050, above which the price could rally towards the $2120 level. Further gains could send Ether towards the $2,200 resistance.
More losses in ETH?
If Ethereum fails to clear the $1,950 or $1,950 resistance, it could continue lower. Initial support on the downside is near the $1,930 level and the 100 hourly simple moving average.
The first major support is near the $1,910 level. The next big support is near the $1,900 level. If there is a move below the $1,900 support, the price could drop towards the $1,870 support level. Any further losses could perhaps send the price towards the $1,820 support in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,930
Highest Resistance Level: $1,975
