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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price is Primed For a Rally And Only 1 Thing is Holding it Back

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Ethereum price is correcting gains from the $1,920 resistance against the US Dollar. ETH could start a fresh rally if it clears the $1,920 and $1,930 resistance levels.

  • Ethereum is still struggling to clear the $1,920 resistance zone.
  • The price is trading above $1,880 and the 100-hourly Simple Moving Average.
  • There is a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a substantial decline if it breaks the $1,870 support.

Ethereum Price Reaches Key Support

Ethereum’s price started a downside correction after it failed to clear the $1,920 resistance zone. ETH corrected lower below the $1,900 level, similar to Bitcoin.

There was a move below the 23.6% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. However, the bulls were active above the $1,870 support zone. There is also a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.

Ether is now trading above $1,880 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A proper move above the $1,920 and $1,930 resistance levels might send Ether toward $2,000. The next resistance sits near $2,050, above which Ethereum could rise toward $2,120. Any more gains above the $2,120 resistance zone might send the price toward the $2,250 resistance. An intermediate resistance might be $2,200.

Downside Break 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 $1,890 level and the trend line.

The next major support is near the $1,870 zone or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. If there is a close below the $1,870 support, the price could decline toward the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level or even $1,780 in the coming sessions.

Technical Indicators

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

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

Major Support Level – $1,870

Major Resistance Level – $1,920

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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