The price of Ethereum is currently struggling to surpass the resistance at $1,920 and is trading below $1,900 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support near $1,885, indicating a potential decline towards the $1,790 support in the near future.
Ethereum’s price attempted to break above the $1,920 resistance but failed to gain bullish momentum and formed a high near $1,912 before moving lower. It declined below the $1,900 level and the 50% Fib retracement level, as well as breaking a key bullish trend line. Currently, Ethereum is trading below $1,900 and testing the 76.4% Fib retracement level.
If Ethereum manages to stay above $1,850, it could attempt another increase, with immediate resistance near $1,880 and the 100-hourly Simple Moving Average. The main barriers are still at the $1,920 and $1,930 levels, and a close above the $1,930 zone could lead to a steady increase towards $2,000 and potentially even $2,050.
However, if Ethereum fails to clear the $1,900 resistance, it could continue to move down with initial support at $1,850 and major support near $1,840. A move below $1,840 may accelerate the price lower towards $1,790 and potentially even $1,750.
The technical indicators for Ethereum show that the MACD is gaining momentum in the bearish zone and the RSI is below the 50 level.
In summary, Ethereum is facing resistance at the $1,920 level and is currently trading below $1,900 and the 100-hourly Simple Moving Average. A break below the $1,885 support level could lead to a decline towards $1,790. On the other hand, a close above the $1,930 zone could start a steady increase towards $2,000 and higher levels.
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