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 drop considerably if the price stays below $1920 for a long time.
Ethereum Price Struggles Below $1,920
The Ethereum price attempted a further rise above the $1900 level. However, ETH failed to gain traction above the $1920 resistance and reacted lower, similar to Bitcoin.
The price fell below the $1885 level, but was stable above $1875. A low is formed near $1,877 and the price is now consolidating losses. It is slowly moving 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. To the upside, immediate resistance is near the $1900 level. It is close to the recent 50% Fibonacci retracement level from the $1,927 high to $1,877 low.
The first major resistance is near the $1,910 level or the recent decline of the 61.8% Fibonacci retracement level from the $1,927 high to $1,877 low, above which price could test the main resistance at $1,920.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,940 level. More gains could send Ether towards the $2,000 resistance anytime soon.
More losses in ETH?
If Ethereum fails to clear the resistance at $1920, it could continue lower. Initial support on the downside is near the $1885 level and the trend line of the channel.
The first major support is near the $1,875 level, below which the price could gain bearish momentum. The next major support is near the $1,825 support level. A break down and a close below $1825 could push the price towards the $1770 level. More losses could open the doors for a move towards the support level of $1,720.
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
Highest Resistance Level: $1,920
This post Ethereum Price Prediction: Key Risks Warn Against Chasing ETH Higher
was published first on https://www.newsbtc.com/analysis/eth/ethereum-price-prediction-1825/