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.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
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.
Technical Indicators
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.
Comments