Ethereum Price Lacks Momentum Above $1,950 But Dips Could Be Limited – NewsBTC
Ethereum price failed to test $2,000 and corrected lower against the US Dollar. ETH is testing the $1,930 support and might start a fresh increase.
Ethereum’s price attempted an upside break above the $1,975 zone but failed. ETH struggled to gain pace for a move toward $2,000 and corrected gains, similar to Bitcoin.
There was a drop below the $1,950 support. The price declined below the 23.6% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. However, the bulls were active near the $1,930 support zone.
It also tested the 50% Fib retracement level of the upward move from the $1,890 swing low to the $1,975 high. Ether price is now trading above $1,930 and the 100-hourly Simple Moving Average.
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 push the price toward $2,000.
Source: ETHUSD on TradingView.com
The next resistance sits near $2,050, above which the price could rise toward the $2,120 level. Any more gains could send Ether toward the $2,200 resistance.
If Ethereum fails to clear the $1,950 resistance or $1,950, it could continue to move down. Initial support on the downside 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 drop toward the $1,870 support level. Any more losses may perhaps send the price toward 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 below the 50 level.
Major Support Level – $1,930
Major Resistance Level – $1,975
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
© 2023 NewsBTC. All Rights Reserved.
© 2023 NewsBTC. All Rights Reserved.