Ethereum price stuck in a range with a growing risk of downside correction.
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-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a short-term drop if there is a break below the $1,865 support.
Ethereum price stuck in a range with a growing risk of downside correction. Ethereum Price Struggles Below $1,920
Ethereum's price has continued to rise above the $1,850 resistance level and even surpassed $1,920 before encountering bearish pressure. The price is now undergoing a correction, similar to Bitcoin, after reaching a high of around $1,929. Despite the drop below the $1,900 and $1,880 levels, the $1,865 support zone is still being defended by the bulls. The price has reached a low of $1,866 and is currently attempting to rebound. It is currently trading just above $1,865 and the 100-hourly Simple Moving Average. The immediate resistance level is around $1,890, with a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD. The next significant resistance level is around $1,900 or the 50% Fib retracement level of the recent decline from the $1,929 high to the $1,866 low. The primary resistance level is around $1,920 and $1,930. If the bulls can push Ethereum above the $1,930 zone, the price could even exceed $1,965. Ethereum price stuck in a range with a growing risk of downside correction.
The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.
Downside Break 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 $1,865 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 may perhaps send the price toward the $1,750 zone or even $1,720.
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 – $1,865
Major Resistance Level – $1,900
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.