/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Ethereum price failed to test $2,000 and declined lower against the US Dollar. ETH is testing the $1,930 support and could start a fresh increase.
- Ethereum is correcting gains from the $1,975 area.
- The price is trading above $1,930 and the 100-hour simple moving average.
- There is a short term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair sustains above $1,930 in the near term, it could start another increase.
Ethereum Price Finds Support
Ethereum price made an attempt to climb higher from the $1,975 area but failed. ETH struggled to regain momentum towards $2,000 and adjust similar gains to Bitcoin.
There was a decline below the $1,950 support level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,890 low to $1,975 high. However, the bulls were active near the $1,930 support area.
It also tested the 50% Fib retracement level of the upward move from the $1,890 low to $1,975 high. Ether price is now trading above $1,930 and the 100-hour simple moving average.
An immediate resistance is near the $1,950 level. There is also a short term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD. The next major resistance is near the $1,975 level. A clear move above the $1,975 resistance could propel the price towards $2,000.
Source: ETHUSD on Tradingview.com
The next resistance is near the $2,050 level, above which the price is likely to rise towards the $2,120 level. Any more gains could send Ether towards the $2,200 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,950 resistance or $1,950, it could continue to decline. On the downside, an initial support is near the $1,930 level and the 100 hourly simple moving average.
The first major support is near the $1,910 level. The next major support is near the $1,900 level. If there is a move below the $1,900 support, the price could decline further towards the $1,870 support. Any further losses could probably take the price towards the $1,820 support in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,930
Major Resistance Level – $1,975
