Ethereum Price Faces Resistance at $1,920 After Recovery

Ethereum Price Update

  • Ethereum is recovering from the $1,750 zone and currently consolidating.
  • Trading below $1,950 and the 100-hourly Simple Moving Average.
  • Resistance at $1,920 due to a short-term bearish trend line.
  • A clear break above $1,920 and $1,950 is needed for significant upward movement.

Ethereum formed a base above $1,750, clearing resistance levels of $1,800 and $1,820. However, selling pressure persists near the $1,920 resistance zone.

The price is facing challenges at $1,920 and $1,950, which are crucial for potential gains. A move above $2,000 could lead to further increases towards $2,060, and possibly $2,120 or $2,250.

If Ethereum does not surpass $1,920, it may decline. Initial support is around $1,850, with major support at $1,800. A drop below $1,800 could lead to further losses toward $1,750 or $1,720.

Technical Indicators

  • Hourly MACD indicates weakening momentum in the bearish zone.
  • Hourly RSI is above 50.
  • Major support level: $1,800
  • Major resistance level: $1,920