Ethereum price lacks momentum above $1,950, but dips may be limited.

The Ethereum price was unable to reach $2,000 and has since decreased against the US Dollar. It is currently testing the support level at $1,930 and may start to rise again.

  • Ethereum is correcting its gains from the $1,975 zone.
  • The price is trading above $1,930 and the 100-hourly Simple Moving Average.
  • There is a short-term declining channel with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
  • If the price remains above $1,930 in the near future, it could experience another increase.

Ethereum Price Holds Support

Ethereum attempted to break above the $1,975 zone but was unsuccessful. It struggled to gain momentum for a move towards $2,000, similar to Bitcoin.

The price dropped below the $1,950 support level. It fell below the 23.6% Fib retracement level of the upward movement from the $1,890 low to the $1,975 high. However, the bulls were active near the $1,930 support zone.

The price also tested the 50% Fib retracement level of the upward movement from the $1,890 low to the $1,975 high. It is now trading above $1,930 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,950 level. There is also a short-term declining channel forming with resistance near $1,950 on the hourly chart of ETH/USD. The next major resistance is near the $1,975 level. If the price moves above the $1,975 resistance, it could reach $2,000.

Source: ETHUSD on TradingView.com

The next resistance level is near $2,050, and if surpassed, the price could rise towards the $2,120 level. Further gains could push Ether towards the $2,200 resistance.

More Losses in ETH?

If Ethereum fails to break the $1,950 resistance or $1,950, it could continue to decline. The initial support on the downside is near the $1,930 level and the 100-hourly Simple Moving Average.

The first major support level is near $1,910, followed by the $1,900 level. If the price drops below the $1,900 support, it could reach the $1,870 support level. Further losses may send the price towards the $1,820 support level in the near future.

Technical Indicators

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

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

Major Support Level – $1,930

Major Resistance Level – $1,975

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