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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-hour simple moving average.
- There is a major rising channel forming with support near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
- If the price sustains below $1,920 for a long period of time, the pair is likely to decline significantly.
Ethereum price is struggling below $1,920
Ethereum price attempted a fresh increase above the $1,900 level. However, ETH failed to gain ground above the $1,920 resistance and reacted with a similar decline as bitcoin.
The price declined below the $1,885 level but held steady above $1,875. There was a low formed near $1,877 and the price is now consolidating losses. It is slowly correcting higher above the $1,885 level. There is also a major ascending channel forming with support near $1,885 on the hourly chart of ETH/USD.
Ether is trading below $1,910 and the 100-hour simple moving average. On the upside, an immediate resistance is near the $1,900 level. It is near the 50% Fib retracement level of the recent decline from the $1,927 high to $1,877 low.
The first major resistance is near the $1,910 level or the 61.8% Fib retracement level of the recent decline from the $1,927 high to $1,877 low, above which the price could test the key 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 towards 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 decline. On the downside, an initial support 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 is likely to accelerate bearish momentum. The next major support is near the $1,825 support level. If there is a downside break and a close below $1,825, the price is likely to reach the $1,770 level. Any further losses could open the doors for a move towards the $1,720 support.
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 well above the 50 level.
Key Support Level – $1,875
Major Resistance Level – $1,920
