Ethereum Price Prepares For The Next Move As Risk of Bounce Grows – NewsBTC
Ethereum price failed to stay above $2,000 and corrected lower against the US Dollar. ETH could start a fresh rally if there is a move above $1,950.
Ethereum’s price rallied above the $1,970 resistance. ETH even climbed above $2,000 but failed to extend gains. A high was formed near $2,027 before there was a bearish reaction.
There was a move below the $1,950 support zone and the 100-hourly Simple Moving Average. The price even tested the $1,900 level. A low is formed near $1,900 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level downward move from the $2,027 swing high to the $1,900 low.
Ether is also trading below $1,950 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,930 on the hourly chart of ETH/USD.
On the upside, immediate resistance is near the $1,930 level. The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,975 resistance zone. It is close to the 61.8% Fib retracement level downward move from the $2,027 swing high to the $1,900 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,000 level. Any more gains could send Ether toward the $2,050 resistance or even $2,120.
If Ethereum fails to clear the $1,930 resistance, it could a fresh decline. Initial support on the downside is near the $1,920 level.
The first major support is near the $1,900 level, below which the price might gain bearish momentum. The next major support is near the $1,850 support level. Any more losses could send Ether toward the $1,825 support level in the near term.
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 below the 50 level.
Major Support Level – $1,900
Major Resistance Level – $1,950
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.
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