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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price
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Ethereum Price Faces Rejection Despite Bitcoin’s Surge, Dips Still Supported

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

Ethereum price failed to clear the $1,925 resistance zone against the US Dollar. ETH is struggling to test $2,000 while Bitcoin gained pace and rallied above $30,000.

  • Ethereum attempted a fresh increase but struggled above the $1,925 zone.
  • The price is trading above $1,850 and the 100-hourly Simple Moving Average.
  • There was a break above a bullish pattern with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower but the bulls might remain active near $1,880.

Ethereum Price Tops Again

Ethereum’s price started a fresh increase above the $1,850 resistance zone, similar to Bitcoin. ETH price cleared a few hurdles near $1,880 to move into a positive zone.

Besides, there was a break above a bullish pattern with resistance near $1,860 on the hourly chart of ETH/USD. The pair even spiked above the $1,925 resistance zone but the bears were active below $1,950. A high is formed near $1,938 and the price is now showing signs of rejection.

Ether price is still trading above $1,850 and the 100-hourly Simple Moving Average. It is slowly approaching the 23.6% Fib retracement level of the recent rally from the $1,848 swing low to the $1,938 high.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,925 level. The next major resistance is near the $1,940 zone. A clear move above the $1,940 resistance zone might send the price toward the $2,000 resistance. The next major resistance might be $2,120. Any more gains could set the pace for a test of the $2,200 resistance.

Fresh Drop in ETH?

If Ethereum fails to clear the $1,925 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.

The next major support is near the $1,880 zone or the 61.8% Fib retracement level of the recent rally from the $1,848 swing low to the $1,938 high, below which ether price might decline toward the $1,850 level. The next key support is near the $1,840 zone. If there is a break below $1,840, the price might extend its decline toward $1,780.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 60 level.

Major Support Level – $1,880

Major Resistance Level – $1,925

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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