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Ethereum, a widely recognized cryptocurrency, is presently trading within a range above the $1,875 mark. Nevertheless, it encounters resistance just below $1,910 and the 100-hourly Simple Moving Average (SMA). On the hourly chart for ETH/USD, a significant rising channel is evident, with support located around $1,885.
If the price remains under $1,920 for a prolonged duration, it may undergo a considerable decline. Recently, Ethereum made an effort to exceed the $1,900 threshold but was unable to maintain momentum above the $1,920 resistance, mirroring a similar trend observed in Bitcoin.
Although the price briefly fell below $1,885, it succeeded in stabilizing above $1,875, with a low established near $1,877. At present, it is gradually recovering above the $1,885 level, with the aforementioned rising channel offering support.
The immediate resistance is situated around the $1,900 level, which is in proximity to the 50% Fibonacci retracement level of the recent decline from the $1,927 swing high to the $1,877 low. Should Ethereum overcome this obstacle, it may challenge the primary resistance at $1,920.
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Beyond the $1,920 mark, the next notable resistance level is at $1,940. If the bullish momentum persists, Ethereum could potentially approach the $2,000 resistance in the near term.
Conversely, if the cryptocurrency fails to breach the $1,920 resistance, it may encounter downward pressure. The initial support on the downside is near $1,885, aligning with the channel trend line. A break of this support could result in further bearish momentum.
The first significant support level is at $1,875, and a decline below this point may indicate a stronger bearish trend. The next major support is around $1,825, and a close beneath this level could drive the price toward the $1,770 support level. In the case of more substantial losses, the potential for a move toward the $1,720 support level may arise.
Regarding technical indicators, the hourly Moving Average Convergence Divergence (MACD) for ETH/USD suggests diminishing momentum within the bearish zone. The Relative Strength Index (RSI) for the pair is currently above the 50 threshold.
In conclusion, Ethereum’s price is undergoing a pivotal phase, with crucial resistance at $1,920 and essential support at $1,875. Traders and investors will be closely observing these levels to assess the potential trajectory of the cryptocurrency’s movement in the upcoming days.
The post Ethereum Price Prediction – Key Risks Warn Against Chasing ETH Higher appeared first on BitcoinWorld.
