2023-7-21 06:31 |
Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. ETH could gain bearish momentum if there is a close below $1,875.
Ethereum is trading in a range above the $1,875 level. The price is trading below $1,910 and the 100-hourly Simple Moving Average. There is a key rising channel forming with support near $1,885 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline heavily if the price remains below $1,920 for a long time. Ethereum Price Struggles Below $1,920Ethereum’s price attempted a fresh increase above the $1,900 level. However, ETH failed to gain traction above the $1,920 resistance and reacted to the downside, similar to Bitcoin.
The price declined below the $1,885 level but remained stable above $1,875. A low is formed near $1,877 and the price is now consolidating losses. It is slowly moving higher above the $1,885 level. There is also a key rising channel forming with support near $1,885 on the hourly chart of ETH/USD.
Ether is trading below $1,910 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,900 level. It is close to the 50% Fib retracement level recent decline from the $1,927 swing high to the $1,877 low.
The first major resistance is near the $1,910 level or the 61.8% Fib retracement level recent decline from the $1,927 swing high to the $1,877 low, above which the price could test the main resistance at $1,920.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,940 level. Any more gains could send Ether toward the $2,000 resistance in the near term.
More Losses in ETH?If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,885 level and the channel trend line.
The first major support is near the $1,875 level, below which the price might gain bearish momentum. The next major support is near the $1,825 support level. A downside break and close below $1,825 could push the price toward the $1,770 level. Any more losses could open the doors for a move toward the $1,720 support level.
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 above the 50 level.
Major Support Level – $1,875
Major Resistance Level – $1,920
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