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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

Ethereum Price Prediction – Key Risks Warn Against Chasing ETH Higher

Aayush Jindal by Aayush Jindal
4 months ago
in ETH
Reading Time: 2 mins read

Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. ETH could gain bearish momentum if there is a close below $1,875.

  • Ethereum is trading in a range above the $1,875 level.
  • The price is trading below $1,910 and the 100-hourly Simple Moving Average.
  • There is a key rising channel forming with support near $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline heavily if the price remains below $1,920 for a long time.

Ethereum Price Struggles Below $1,920

Ethereum’s price attempted a fresh increase above the $1,900 level. However, ETH failed to gain traction above the $1,920 resistance and reacted to the downside, similar to Bitcoin.

The price declined below the $1,885 level but remained stable above $1,875. A low is formed near $1,877 and the price is now consolidating losses. It is slowly moving higher above the $1,885 level. There is also a key rising channel forming with support near $1,885 on the hourly chart of ETH/USD.

Ether is trading below $1,910 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,900 level. It is close to the 50% Fib retracement level recent decline from the $1,927 swing high to the $1,877 low.

The first major resistance is near the $1,910 level or the 61.8% Fib retracement level recent decline from the $1,927 swing high to the $1,877 low, above which the price could test the main resistance at $1,920.

Ethereum Price Prediction

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,940 level. Any more gains could send Ether toward the $2,000 resistance in the near term.

More Losses in ETH?

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,885 level and the channel trend line.

The first major support is near the $1,875 level, below which the price might gain bearish momentum. The next major support is near the $1,825 support level. A downside break and close below $1,825 could push the price toward the $1,770 level. Any more losses could open the doors for a move toward the $1,720 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,875

Major Resistance Level – $1,920

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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