Ethereum Price Revisit $1,935
Following rejection near the $2,090 zone, Ethereum experienced a downside reaction. It dropped below the $2,050 and $2,020 support levels, entering a short-term bearish zone similar to Bitcoin.
A significant development was the break below a key contracting triangle with support near $2,025 on the hourly chart of ETH/USD. However, bulls stepped in near the $1,935 support zone. It appears that Ether may be forming a double-bottom pattern while Bitcoin is forming a double-top near $38,000.
Ethereum is currently trading above the 23.6% Fib retracement level of the downward move from the $2,092 swing high to the $1,935 low. Immediate resistance is around the $2,000 zone.
The first major resistance is near $2,020 or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,935 low. A close above the $2,020 resistance could initiate another strong increase.
Source: ETHUSD on TradingView.com
More Losses in ETH?
If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,950 level. The next key support is $1,935.
The main support is at $1,920. A downside break below this level might start a steady decline. In that case, Ether could drop toward the $1,850 support zone in the near term. Any further losses might lead to a drop toward the $1,800 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level β $1,935
Major Resistance Level β $2,020
Hot Take: What’s Next for Ethereum?
Ethereum’s price movement continues to be influenced by key support and resistance levels. As it teeters around these critical points on its chart and reacts to market forces like Bitcoin’s performance and overall cryptocurrency trends, investors are watching closely to see if it can maintain upward momentum or if further losses are on the horizon.
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