Ethereum Price Hits Resistance—Will The Recovery Stall Here?
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Ethereum prices started a wave of recovery from the $1,750 region. ETH is now solidifying and facing the barriers to a $1,920 resistance.
- Ethereum’s recovery wave is above the $1,850 level.
- 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 $1,920.
- Two people have to clear the $1,920 and $1,950 resistance levels to start a nice growth.
Ethereum price faces obstacles
Ethereum price formed the foundation at the $1,750 level and started the recovery wave Bitcoin. ETH is able to clear resistance levels of $1,800 and $1,820.
The Bulls pushed the price higher by the $1,880 level. The 23.6% FIB retracement level of downward waves moves from $2,150 swing high to $1,752 low. However, the bear seems to be active nearby $1,920 Resistance Zone.
Ethereum price is now trading below the $1,950 and the 100-hour simple moving average. On the plus side, the price seems to be facing a $1,920 hurdle.
On the hourly chart of ETH/USD, there is also a short-term bearish trend line with resistance of $1,920. The next key resistance is close to the $1,950 level, or the 50% FIB retracement level of downward waves is from a swing of $2,150 to a low of $1,752.
The first major resistance is close to the $2,000 level. A clear action on resistors over $2,000 could shift the price to a resistor at $2,060. A rise in resistors above $2,060 could demand 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.
Another drop in ETH?
If Ethereum fails to clear the $1,920 resistance, it may drop again. The initial support on the downside is close to the $1,850 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 above the 50 area.
Main support level – $1,800
Main resistance level – $1,920
