Ethereum Price Rebounds
After finding support near $1,900, Ethereum’s price increased, trading above $1,980 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a major trend line with resistance near $2,020 is forming, indicating that the pair may face a strong increase if it surpasses the resistance zone.
Ethereum Price Faces Hurdles
Previously, Ethereum encountered a downside correction from the $2,120 resistance, dropping below $2,020 and $2,000 support levels. It even fell below the $1,920 support before forming a low near $1,905. Like Bitcoin, the price of Ethereum is experiencing a steady increase, surpassing the $1,950 and $1,980 resistance levels.
The next challenge for Ethereum’s price is the $2,020 resistance zone, with a potential strong increase if that level is crossed, setting the stage for a move towards $2,090 and ultimately $2,120.
Source: ETHUSD on TradingView.com
Another Drop in ETH?
If Ethereum fails to surpass the $2,020 resistance, a fresh decline may occur, with initial support at the $1,980 level and the 100-hourly Simple Moving Average. The next key support levels are $1,950 and $1,900, while a downward break below $1,900 might lead to further losses and a drop towards $1,850 and potentially $1,800.
Technical Indicators
The MACD for ETH/USD is currently losing bullish momentum, while the RSI is now above the 50 level, indicating an increase in Ethereum’s strength.
Major Support Level – $1,950
Major Resistance Level – $2,020
Hot Take: Ethereum’s Path Forward
Ethereum’s price rebounded after finding support around $1,900, but it faces a significant hurdle near the $2,020 resistance level. If Ethereum fails to overcome this obstacle, it could experience another drop, testing support levels at $1,950 and $1,900. Conversely, if the resistance is cleared, a strong increase is possible, potentially leading to a move towards $2,090 and $2,120.
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