Ethereum Price Lacks Momentum Above $1,900 But Dips Likely To Be Limited

Permalink Report to webmaster

Ethereum price is struggling to settle above the $1,920 resistance against the US Dollar. ETH is still at risk of a drop toward the $1,790 support.

  • Ethereum is still facing a major hurdle near the $1,920 resistance.
  • The price is trading near $1,870 and the 100-hourly Simple Moving Average.
  • There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further if it remains below $1,920 and $1,930 for a long time.

Ethereum Price Grinds Lower

Ethereum’s price remained below the key $1,920 resistance zone. ETH failed to stay above the $1,900 zone and extended its decline, similar to Bitcoin.

There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD. The pair dipped below the $1,865 support and the 100-hourly Simple Moving Average. However, losses were limited below $1,850.

A low is formed near $1,838 and the price is now moving higher. It broke the 23.6% Fib retracement level of the recent decline from the $1,930 high to the $1,838 low.

Ether is now trading near $1,870 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,885 level or the 50% Fib retracement level of the recent decline from the $1,930 high to the $1,838 low. The next major resistance is near the $1,900 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The key breakout zone is still near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the $1,930 zone, the price might gain bullish momentum. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level.

The next major support is near the $1,840 level. If there is a move below $1,840 and the recent low, the price could test $1,790. Any more losses may perhaps send the price toward the $1,750 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,840

Major Resistance Level – $1,900

Source: NewsBTC

#ETH, #Ethereum, #Ethusd, #ETHUSDT

Tips routing
Powered by Blockchain Financial
Register at Blockchain Financial and make your own button to receive tips and payments with cryptocurrencies
We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic.

By clicking "Accept All" you consent to our use of cookies, which are protected under the terms of our Privacy Policy. Preferences are stored in your browser for 60 days, and you can remove them at any time.
Customize Reject all Accept all