Ethereum price failed to test $2,000 and corrected lower against the US dollar. ETH is testing the $1,930 support and may start another increase.
- Ethereum corrects gains from the $1,975 zone.
- The price is trading above $1,930 and the 100-hour Simple Moving Average.
- A bearish channel is forming in the near term with resistance close to $1,950 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a fresh increase if it remains stable above USD 1,930 in the near term.
Ethereum price holds support
Ethereum price attempted an upside break above the $1,975 zone but failed. ETH struggled to gain pace for a move to $2,000 and corrected gains similar to Bitcoin.
There was a decline below the $1,950 support. The price fell below the 23.6% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. However, the bulls were active near the $1,930 support zone.
It also tested the 50% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. Ether price is now trading above $1,930 and the 100-hour Simple Moving Average.
Immediate resistance is near the $1,950 level. A short-term descending channel is also forming with resistance near $1,950 on the ETH/USD hourly chart. The next major resistance is near the $1,975 level. A clear move above the $1,975 resistance could push the price towards $2,000.
Source: ETHUSD at TradingView.com
The next resistance is near $2,050, above which the price could rise towards the $2,120 level. Any further gains could send Ether towards the $2,200 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,950 or $1,950 resistance, it could fall further. The first support on the downside is near the $1,930 level and the 100-hour Simple Moving Average.
The first major support is near the $1,910 level. The next major support is near the $1,900 level. If there is a move below the $1,900 support, the price could fall towards the $1,870 support level. More losses could send the price towards the $1,820 support in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,930
Major resistance level – $1,975
