Ethereum Price Struggles to Overcome $1,890 Resistance Level
Ethereum (ETH) price has declined below the $2,000 resistance and is currently facing challenges around the $1,920 level.
- ETH started a decline below the key support of $2,000.
- Current trading is below $1,950 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $1,890 on the hourly chart.
- To initiate an upward movement, ETH must surpass the $1,890 and $1,950 resistance levels.
Market Overview
ETH began a fresh decline from the $2,020 resistance, entering a bearish phase below $2,000. The price dipped below $1,820 but found support near $1,750, where it formed a low of $1,753 before correcting upwards.
The price moved above the $1,780 and $1,850 levels but is still struggling below $1,950. Key resistances are noted at $1,890 and $1,920.
If ETH manages to break above $1,950, it could target the $2,000 resistance. A successful breakout beyond this could lead to gains towards the $2,120 or $2,250 zones.
Potential for Further Losses
If ETH fails to breach the $1,890 resistance, it may experience another decline. Initial support is at $1,845, followed by major support around $1,800. A drop below $1,800 could push the price toward $1,750 and potentially to $1,720 or $1,650.
Technical Indicators:
- MACD for ETH/USD is losing momentum in the bearish zone.
- RSI for ETH/USD is below the 50 mark.
- Major Support Level: $1,800
- Major Resistance Level: $1,890