Ethereum price is correcting gains from the $1,920 resistance against the US dollar. ETH could start another rally if it clears the $1,920 and $1,930 resistance levels.
- Ethereum is still struggling to clear the $1,920 resistance zone.
- The price is trading above $1,880 and the 100-hour Simple Moving Average.
- A crucial bullish trendline is forming with support near USD 1,890 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a substantial decline if it breaks the $1,870 support.
Ethereum price reaches key support
Ethereum price started a downside correction after failing to clear the $1,920 resistance zone. ETH corrected lower below the USD 1,900 level, similar to Bitcoin.
There was a move below the 23.6% Fib retracement level from the main raise from the $1,836 swing low to the $1,930 high. However, the bulls were active above the $1,870 support zone. A crucial bullish trendline is also forming with support near USD 1,890 on the ETH/USD hourly chart.
Ether is now trading above USD 1,880 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level.
Source: ETHUSD at TradingView.com
A good move above the $1,920 and $1,930 resistance levels could send Ether to $2,000. The next resistance is near USD 2,050, above which Ethereum could rise towards USD 2,120. More gains above the $2,120 resistance zone could push the price towards the $2,250 resistance. An intermediate resistance could be $2,200.
Interruption in ETH?
If Ethereum fails to clear the $1,920 resistance, it could fall further. The first support on the downside is near the $1,890 level and trendline.
The next major support is near the $1,870 zone or the 100-hour Simple Moving Average. It is close to the 61.8% Fib retracement level of the key rise from the $1,836 swing low to the $1,930 high. If a close breaks below the USD 1,870 support, the price could drop towards the USD 1,840 support. More losses may perhaps send the price towards the $1,800 or even $1,780 level in the coming sessions.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,870
Major resistance level – $1,920