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 zone.
- Ethereum is currently correcting lower from the $1,920 resistance.
- The price is trading above $1,865 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,890 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a near-term decline if there is a break below the $1,865 support.
Ethereum Price Struggles Below $1,920
Ethereum price extended its rise above the $1,850 resistance zone. ETH even spiked above $1,920 before the bears appeared. A high is formed near $1,929 and the price is now correcting gains similar to Bitcoin.
There was a move below the $1,900 and $1,880 levels. However, the bulls are still protecting the $1,865 support zone. A low is being formed near USD 1,866 and the price is now attempting a rise again. It is trading near the 23.6% Fib retracement level from the recent drop from $1,929 high to $1,866 low.
Ether is trading just above $1,865 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,890 level. A major bearish trendline is also forming with resistance near $1,890 on the ETH/USD hourly chart.
The next major resistance is near the $1,900 level or the 50% Fib retracement level from the recent drop from $1,929 high to $1,866 low. The main resistance is near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the USD 1,930 zone, the price could even surpass USD 1,965.
Source: ETHUSD at TradingView.com
The next resistance is near $2,000, above which the price could rise towards the $2,050 level. More gains above the $2,050 resistance zone could push the price towards the $2,120 resistance.
Interruption in ETH?
If Ethereum fails to clear the $1,900 resistance, it could fall further. The first support on the downside is 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 more losses might send the price towards the $1,750 zone or even $1,720.
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 below the 50 level.
Major Support Level – $1,865
Major resistance level – $1,900
