Ethereum, the popular cryptocurrency, is currently trading in a range above the $1,875 level. However, it faces resistance below $1,910 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of ETH/USD, there is a notable rising channel with support of around $1,885.
If the price remains below $1,920 for an extended period, it could experience a significant decline. Recently, Ethereum attempted to surpass the $1,900 level but failed to gain traction above the $1,920 resistance, following a similar pattern to Bitcoin.
While the price briefly dipped below $1,885, it managed to stabilize above $1,875, with a low formed near $1,877. Currently, it is slowly recovering above the $1,885 level, with the mentioned rising channel providing support.
The immediate resistance lies around the $1,900 level, which is close to the 50% Fibonacci retracement level of the recent decline from the $1,927 swing high to the $1,877 low. If Ethereum surpasses this hurdle, it may test the main resistance at $1,920.
Beyond $1,920, the next significant resistance level stands at $1,940. If the bullish momentum continues, Ethereum could potentially reach the $2,000 resistance in the near future.
However, if the cryptocurrency fails to break the $1,920 resistance, it might face downward pressure. The initial support on the downside is near $1,885, aligned with the channel trend line. A breach of this support could lead to further bearish momentum.
The first major support level sits at $1,875, and a drop below this level may signal a stronger bearish trend. The next substantial support is around $1,825, and a close below this level could push the price toward the $1,770 support level. In the event of more significant losses, the doors might open for a potential move toward the $1,720 support level.
As for technical indicators, the hourly Moving Average Convergence Divergence (MACD) for ETH/USD indicates weakening momentum in the bearish zone. The Relative Strength Index (RSI) for the pair is currently above the 50 level.
In summary, Ethereum’s price is experiencing a critical phase, with key resistance at $1,920 and vital support at $1,875. Traders and investors will closely monitor these levels to gauge the potential direction of the cryptocurrency’s movement in the coming days.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://bitcoinworld.co.in/ethereum-price-prediction-key-risks-warn-against-chasing-eth-higher/
- 000
- 22
- 50
- a
- above
- advocacy
- Against
- an
- and
- around
- At
- average
- bearish
- Bearish Momentum
- below
- Bitcoin
- BitcoinWorld
- bodies
- breach
- break
- Bullish
- but
- ceo
- channel
- close
- closely
- CO
- coming
- continues
- could
- critical
- cryptocurrency
- currently
- days
- digital
- direction
- doors
- downside
- Drop
- ETH
- ethereum
- Event
- experience
- experiencing
- Face
- faces
- Failed
- fails
- far
- Fibonacci
- First
- Following
- For
- from
- further
- future
- gain
- gauge
- Growth
- High
- higher
- however
- HTTPS
- if
- IMMEDIATE
- in
- index
- indicators
- initial
- Investors
- Is
- IT
- Key
- lead
- Level
- levels
- lies
- Line
- losses
- Low
- main
- major
- managed
- Market
- May
- might
- Momentum
- Monitor
- more
- move
- movement
- moving
- Near
- Next
- notable
- of
- on
- open
- over
- pair
- path
- Pattern
- period
- phase
- plato
- plato data intelligence
- platodata
- platogaming
- Popular
- potential
- potentially
- prediction
- pressure
- price
- Price Prediction
- providing
- push
- range
- reach
- recent
- recently
- recovering
- relative
- remains
- rising
- risks
- rsi
- Senate
- significant
- similar
- Simple
- sits
- stabilize
- stands
- strength
- stronger
- substantial
- sue
- summary
- support
- support level
- Swing
- tag
- Technical
- test
- The
- there
- These
- this
- to
- toward
- traction
- Traders
- Trading
- trend
- tweet
- us
- victory
- vital
- will
- with
- zephyrnet