Ethereum, the world’s second-largest cryptocurrency, has maintained its support above the $1,750 mark, showcasing resilience in a volatile market. Like Bitcoin, ETH recently initiated a fresh surge after forming a solid base above the $1,820 resistance level.
Bullish momentum propelled the price above the crucial $1,850 resistance, and it even experienced a spike above $1,900. However, the bears remain active near the $1,920 resistance, preventing upward movement. A recent high was around $1,929, leading to a consolidation phase as the market absorbed the gains.
Currently, Ether is trading above $1,880 and the 100-hourly Simple Moving Average, reflecting positive sentiment. Additionally, an important bullish trend line is taking shape with support near $1,870 on the hourly chart of ETH/USD.
The price is presently hovering around the 23.6% Fibonacci retracement level, which measures the recent surge from the $1,837 swing low to the $1,929 high. Immediate resistance is anticipated near the $1,920 zone, with the next significant obstacle at the $1,930 level. A successful breach of the $1,930 resistance could propel Ether towards the coveted $2,000 mark.
Beyond this milestone, the next resistance level awaits at $2,050, and surpassing it could potentially drive Ethereum towards the $2,120 resistance. Should the bullish momentum persist, the price might aim for the $2,250 resistance, amplifying the bullish sentiment among investors and traders.
However, a failure to surpass the $1,920 resistance may trigger a downside correction. In such a scenario, the initial support lies near the $1,900 level, which could serve as a foundation for a potential recovery. Subsequently, the major support zone rests at $1,880, coinciding with the trend line and the 61.8% Fibonacci retracement level, marking the recent surge from the $1,837 swing low to the $1,929 high.
If the price were to breach the crucial $1,870 support, it could revisit the $1,840 support. Further downward pressure might push Ethereum towards the $1,800 level, posing a critical test for the bullish sentiment prevailing in the market.
As Ethereum continues to navigate these crucial price levels, investors and traders closely monitor its performance, waiting to see whether it can break through resistance barriers or if a correction is imminent. The crypto market remains on edge, eagerly anticipating the next move for Ethereum and its impact on the wider digital currency landscape.
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