Ethereum price is struggling to clear the $1,920 resistance against the US dollar. ETH could gain bearish momentum if there is a close below USD 1,875.
- Ethereum is trading in a range above the USD 1,875 level.
- The price is trading below $1,910 and the 100-hour Simple Moving Average.
- A major ascending channel is forming with support near $1,885 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop sharply if the price stays below USD 1,920 for a long time.
Ethereum Price Struggles Below $1,920
The price of Ethereum once again attempted to climb above the $1,900 level. However, ETH failed to gain traction above the USD 1,920 resistance and reacted on the downside, similar to Bitcoin.
The price declined below the USD 1,885 level but it held steady above USD 1,875. A low is forming near USD 1,877 and the price is now consolidating losses. It is slowly moving higher above the $1,885 level. A major ascending channel is also forming with support near $1,885 on the ETH/USD hourly chart.
Ether is trading below $1,910 and the 100-hour Simple Moving Average. On the upside, immediate resistance is near the $1,900 level. It is close to the recent drop in the 50% Fib retracement level from the $1,927 swing high to the $1,877 low.
The first major resistance is near the $1,910 level or the recent decline of the 61.8% Fib retracement level from the $1,927 swing high to the $1,877 low, above which the price could test key resistance at $1,920.
Source: ETHUSD at TradingView.com
The next major resistance is near the $1,940 level. Any further gains could send Ether towards the $2,000 resistance in the near term.
Lose more in ETH?
If Ethereum fails to clear the $1,920 resistance, it could fall further. The first support on the downside is near the $1,885 level and the channel’s trendline.
The first major support is near the $1,875 level, below which the price could gain bearish momentum. The next major support is near the $1,825 support level. A downside break and close below $1,825 could push the price towards the $1,770 level. More losses could open the door for a move towards the $1,720 support level.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,875
Major resistance level – $1,920