Ethereum, the leading cryptocurrency, is currently being corrected after facing resistance at $1,930. However, it remains above key support levels, and technical indicators suggest the potential for further upward movement. In this article, we analyze Ethereum’s recent price action, identify crucial levels of support and resistance, and assess the possibilities for both bulls and bears in the near future.
Ethereum’s price surged above the $1,850 resistance zone, surpassing $1,900 before encountering selling pressure. The bears emerged, resulting in a high near $1,930, similar to Bitcoin’s price behavior. Ethereum is experiencing a correction as it retreated from its recent gains.
The decline witnessed a break below a bullish trend line, with support of around $1,900 on the ETH/USD hourly chart provided by Kraken. The price dropped below the $1,880 level and the 23.6% Fibonacci retracement level, calculated from the swing low of $1,715 to the high of $1,930. Nevertheless, Ethereum is still trading above the $1,850 mark and the 100-hourly Simple Moving Average, indicating a resilient position.
Looking ahead, immediate resistance lies near the $1,900 level, followed by a major hurdle at $1,930. Should the bulls push the price above this recent high, Ethereum could potentially exceed $1,950. Subsequently, the next resistance sits near $2,000, and breaching this level could propel the bulls to target the $2,050 threshold. The price might even touch the $2,120 resistance mark if momentum persists.
On the other hand, failure to break above the $1,930 resistance level might lead to Ethereum’s price lower. Initial support is anticipated near $1,865, followed by a crucial level at $1,820—the 100-hourly Simple Moving Average is nearby. A breach below $1,820 could test the $1,800 level, and further losses may potentially drive the price toward the $1,750 zone or even $1,720 in the days ahead.
Examining the technical indicators, the MACD for ETH/USD signals a loss of bullish momentum in the hourly timeframe. Meanwhile, the hourly RSI stands near 50, indicating a neutral sentiment among traders.
Despite the ongoing correction, Ethereum remains above key support levels, suggesting that the bulls still have the potential for a comeback. If resistance levels are surpassed, the price may surge to new highs, while failure to break resistance could result in further downside. Traders and investors should closely monitor the critical support and resistance levels as Ethereum’s price evolves in the coming days.
