Ethereums Price Stalls Above $1,900: Limited Dips Raise Perplexity!

Jun 26, 2023 11:36 PM

Ethereum is currently facing a significant obstacle at the $1,920 resistance level. The price is currently trading around $1,870 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term contracting triangle with support near $1,890 was broken. If the pair remains below $1,920 and $1,930 for an extended period, it may experience further declines.

Ethereum’s price has been unable to surpass the crucial $1,920 resistance zone. Similar to Bitcoin, ETH failed to stay above the $1,900 zone and continued its decline. On the hourly chart, a short-term contracting triangle with support near $1,890 was broken, causing the pair to dip below the $1,865 support and the 100-hourly Simple Moving Average. However, losses were limited below $1,850, and the price formed a low near $1,838 before moving higher. It broke the 23.6% Fib retracement level and is now trading near $1,870 and the 100-hourly Simple Moving Average. The immediate resistance is at $1,885, followed by the $1,900 level.

The key breakout zone for Ethereum is still at $1,920 and $1,930. If the bulls manage to push the price above $1,930, it could gain bullish momentum and potentially rise towards the $2,000 level. Further gains may lead to a rise towards the $2,050 level and possibly even the $2,120 resistance.

However, if Ethereum fails to clear the $1,900 resistance, it could continue its downward movement. The initial support is at the $1,850 level, followed by the major support at $1,840. A move below $1,840 and the recent low could test the $1,790 level, and any further losses may bring the price towards the $1,750 support.

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Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is now above the 50 level.

In summary, Ethereum is currently facing resistance at the $1,920 level and may experience further declines if it remains below $1,930 for an extended period. On the other hand, if it breaks above $1,930, it could gain bullish momentum and potentially rise towards higher resistance levels.

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