Ethereum price readies for next move as bounce risk increases.
Ethereum price failed to stay above $2,000 and corrected lower against the US Dollar. ETH could start a fresh rally if there is a move above $1,950.
Ethereum started a downside correction and tested the $1,900 level.
The price is trading below $1,950 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,930 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $1,930 and $1,950 resistance levels.
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Ethereum price readies for next move as bounce risk increases. Ethereum Price Could Restart Rally
Ethereum price readies for next move as bounce risk increases. Ethereum's price experienced a surge and surpassed the $1,970 resistance level to reach above $2,000. However, the gains were not sustained, and the price dropped to a low of $1,900 after forming a high of $2,027. The price is currently consolidating losses and trading near the 23.6% Fib retracement level of the downward move from the $2,027 swing high to the $1,900 low. Ether is also trading below the 100-hourly Simple Moving Average and $1,950. The hourly chart of ETH/USD shows a key bearish trend line with resistance near $1,930. The immediate resistance is near the $1,930 level, followed by the $1,950 zone. If the price manages to surpass this level, it could rise toward the $1,975 resistance zone, which is close to the 61.8% Fib retracement level of the downward move from the $2,027 swing high to the $1,900 low.
The next major resistance is near the $2,000 level. Any more gains could send Ether toward the $2,050 resistance or even $2,120.
More Losses in ETH?
If Ethereum fails to clear the $1,930 resistance, it could a fresh decline. Initial support on the downside is near the $1,920 level.
The first major support is near the $1,900 level, below which the price might gain bearish momentum. The next major support is near the $1,850 support level. Any more losses could send Ether toward the $1,825 support level in the near term.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,900
Major Resistance Level – $1,950
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.