Ethereum is currently experiencing a correction from its resistance at $1,920. The price is currently above $1,865 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bearish trend line is forming with resistance near $1,890. If the support at $1,865 is broken, a short-term drop could occur.
Despite reaching a high near $1,929, Ethereum’s price is now correcting gains similar to Bitcoin. It has moved below the $1,900 and $1,880 levels, but the bulls are still protecting the $1,865 support zone. The price is currently attempting a fresh increase, trading near the 23.6% Fib retracement level.
Immediate resistance is near $1,890, with a key bearish trend line forming at that level. The next major resistance levels are near $1,900, $1,920, and $1,930. If Ethereum surpasses the $1,930 zone, the price could rise even further.
On the downside, if Ethereum fails to clear the $1,900 resistance, it could continue to move down. The initial support is at $1,865, followed by major support levels at $1,840, $1,790, and potentially $1,750 or $1,720.
The technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, and the RSI is below the 50 level.
In summary, Ethereum is currently correcting from its resistance at $1,920. The price is trading above $1,865 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance near $1,890. If the support at $1,865 is broken, a short-term drop may occur. On the upside, if Ethereum surpasses the $1,930 zone, the price could rise even further towards $2,000 and $2,050. On the downside, if the $1,900 resistance is not cleared, Ethereum may continue to move down towards $1,840 and potentially lower levels. The technical indicators show bearish momentum with the MACD and RSI.
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