Ethereum Price Recovery Capped—Bulls Struggle Near Resistance
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Ethereum price failed to clear $2,000 in resistors and pruning gains. ETH is now solidifying and facing the barriers to a $1,920 resistance.
- Ethereum started a new decline at a price of $2,000.
- Prices trade below $1,950 and the 100-hour simple moving average.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a short-term bearish trend line forming with a resistance of $1,890.
- Two people have to clear the $1,890 and $1,950 resistance levels to start a nice increase.
Ethereum price faces resistance
Ethereum price starts to drop from $2,020 resistance, e.g. Bitcoin. ETH rejects the following $2,000 support to enter the bearish zone.
The Bears gained the power of support under $1,820. Eventually, the bulls appeared near the $1,750 area. The low price is $1,753 and the price is now correcting some losses. Move the resistance level above $1,780 and $1,850.
It cleared 23.6% FIB retracement level Downward wave From the swing high of $2,150 to the low of $1,753. Ethereum price is now trading below the $1,950 and the 100-hour simple moving average.
On the plus side, prices seem to be facing a barrier to the $1,890 level. In the hourly table of ETH/USD, there is also a short-term bearish trend line with resistance of $1,890. The next key resistance is close to the $1,920 level.
The first major resistance is close to the $1,950 level, with the downward wave from the $2,150 swing high to the $1,753 low. A clear action on resistors over $1,950 could shift the price to a resistor of $2,000.
An upside breakout for resistors over $2,000 could require more gains in the upcoming meeting. In the case of statements, ether may rise toward the $2,120 resistance zone or even $2,250 in the short term.
More losses from ETH?
If Ethereum fails to clear the $1,890 resistance, it may drop again. The initial support for the adverse aspects is close to the $1,845 level. The first major support is located near the $1,800 area.
A clear move to support below $1,800 could push the price toward support of $1,750. In the short term, more losses could shift the price to the support level of $1,720. Next key supports $1,650.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $1,800
Main resistance level – $1,890
