On the daily time frame chart, Ethereum's price is in a consolidation phase. Despite several attempts to break through the $1,925 resistance zone, Ethereum's price failed to maintain momentum and began to decline. However, the downward trend was not as severe as that of Bitcoin.
#Ethereum tested the support zone of $1,840 and approached the 200-hourly Simple Moving Average. A low was formed near $1,842, and the price is currently consolidating its losses.
However, Bulls are active near support and the price is gradually increasing and has surpassed the $1,870 level. Currently, Ethers price is trading above $1,865 and the 100-hourly Simple Moving Average. This indicates a potential upward trend for ETH, which could lead to further gains in the near future.
The resistance level for ETH/USD is $1,890. The next important hurdle for the price to clear is the $1,920 level. If the price manages to break through this resistance zone, it might potentially rise towards the $1,950 barrier level. The $2,000 threshold would be the next significant challenge. If the price continues to rise, it may possibly test the $2,120 barrier level.
If #ETH fails to break through the resistance level of $1,900, it is likely to fall further. On the downside, first support might be located near $1,840. If the price falls below this level, it might go towards the $1,800 mark. The next critical support level is located at $1,770. If the price falls below $1,770, it may continue to fall towards $1,700.
KEY LEVELS :
RESISTANCE LEVEL : $1,900-$1,950
SUPPORT LEVEL : $1,840-$1,800
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
