Ethereum Price Recovery Capped—Bulls Struggle
Near Resistance
Ethereum fell below $2,000 resistance.
Consolidating, ETH faces $1,920 barrier.
Ethereum fell below $2,000 support again
The price is below $1,950 and the 100-hour SMA.
The hourly ETH/USD chart shows a short-term bearish trend line with resistance at $1,890.
To rise, the pair must break $1,890 and $1,950 barriers.
Ethereum Price Resistance
Ethereum resumed its drop from $2,020, like Bitcoin. ETH entered bear territory below $2,000 support.
Bears gathered strength to break $1,820. Finally, bulls appeared around $1,750. After a low of $1,753, the price is recovering. Above $1,780 and $1,850 barrier levels.
It passed the 23.6% Fib retracement of the negative wave from $2,150 swing high to $1,753 low. Ethereum has fallen below $1,950 and the 100-hour SMA.
The price may face resistance at $1,890 on the upside. The hourly ETH/USD chart shows a short-term negative trend line with resistance at $1,890. Around $1,920 is the next major resistance.
The first big barrier is at $1,950, the 50% Fib retracement level of the falling wave from $2,150 swing high to $1,753 low. A clean break over $1,950 might push the price above $2,000.
Above $2,000 barrier might lead to greater advances in the following sessions. Ether might soar to $2,120 or $2,250 in the short future
More ETH losses?
Ethereum may fall again if it fails to break $1,890. Initial support on the downside is at the $1,845 level. The first significant support is in the $1,800 zone.
A decisive break below $1,800 might bring the price around $1,750. If losses continue, the price may reach $1,720 support. The next support is $1,650.
Tech Indicators
ETH/USD hourly MACD is losing momentum in the negative zone.
Hourly RSI: ETH/USD is below 50.
Major Support Level – $1,800
Major Resistance: $1,890
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