Ethereum Price Struggle
If you’re keeping an eye on Ethereum, you might have noticed that it’s been stuck in a range, struggling to clear the $1,920 level. Currently, 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 feed via Kraken). Despite these attempts, the pair could rise once again unless there is a close below the $1,850 support zone.
Ethereum Price Movement
Ethereum has remained stable above the $1,850 support zone but has failed to gain bullish momentum above the $1,880 resistance. After reaching a high near $1,907, the price is now moving lower. It has dropped below the $1,885 level and even tested the 50% Fib retracement level of the recent increase from the $1,851 swing low to the $1,907 high.
Currently trading above $1,860 and the 100-hourly Simple Moving Average, Ethereum faces resistance near the $1,900 level. The first major resistance sits at $1,920. To start a fresh increase, bulls need to clear this resistance.
Technical Analysis and Predictions
If Ethereum fails to clear the $1,900 resistance level, it could continue to move down with initial support near $1,880 and major support at $1,850. A downside break below this level might send Ether further lower towards the $1,780 mark.
On a technical note, both MACD and RSI indicators are showing signs of possible changes in momentum. The MACD for ETH/USD is losing momentum in the bullish zone while the RSI for ETH/USD is now above the 50 level.
Source: ETHUSD on TradingView.com
Hot Take: What’s Next for Ethereum?
With Ethereum struggling to break through key resistance levels and facing possible downward movement if it fails to clear hurdles at $1,900 and $1,920. Technical indicators also suggest potential shifts in momentum that could impact price movements. Keep an eye on critical support levels at $1,880 and $1,850 as they will be crucial in determining whether Ethereum’s price can rally further or if it might face further downward pressure.
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