Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. ETH could correct lower if it breaks the $1,865 support area.
- Ethereum is currently correcting lower from the $1,920 resistance.
- The price is trading above $1,865 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a short-term decline if there is a break below the $1,865 support.
Ethereum price is struggling below $1,920
Ethereum price extended its rally above the $1850 resistance area. ETH even rose above $1,920 before the bears emerged. A top was formed near $1,929 and the price is now correcting gains, similar to bitcoin.
There was a move below $1,900 and $1,880. However, the bulls are still protecting the $1865 support area. A bottom was formed near $1,866 and the price is now trying a fresh increase. It is trading near the 23.6% Fibonacci retracement level of the recent decline from the $1,929 high to $1,866 low.
Ether is only trading above $1,865 and the 100 hourly simple moving average. The immediate resistance is near the USD 1,890 level. There is also a major bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD.
The next major resistance is near the $1,900 level or the 50% Fibonacci retracement level of the recent decline from the $1,929 high to $1,866 low. The main resistance is near the $1,920 and $1,930 levels. If the bulls can pump Ethereum above the $1,930 area, the price could surpass $1,965.
source: ETHUSD on TradingView.com
The next resistance is near the $2000 level, above which the price could rally towards the $2050 level. Any further gains above the $2050 resistance area could send the price towards the $2120 resistance.
Downside break in ETH?
If Ethereum fails to clear the $1900 resistance, it could continue lower. Initial support is on the downside near the $1,865 level.
The next major support is near the $1,840 level. If there is a break below the $1,840 support, the price could test $1,790. Any further losses could send the price towards $1,750 or even $1,720.
Technical indicators
MACD hourly – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is now below the 50 level.
The main support level is $1,865
The main resistance level is $1900
