Ethereum Price Recovery Capped—Bulls Struggle Near Resistance

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price failed to clear the $2,000 resistance and trimmed gains. ETH is now consolidating and facing hurdles near the $1,920 resistance.


  • Ethereum started a fresh decline below the key support at $2,000.

  • The price is trading below $1,950 and the 100-hourly Simple Moving Average.

  • There is a short-term bearish trend line forming with resistance at $1,890 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair must clear the $1,890 and $1,950 resistance levels to start a decent increase.


Ethereum Price Faces Resistance


Ethereum price started a fresh decline from the $2,020 resistance, like Bitcoin. ETH declined below the $2,000 support to enter a bearish zone.


The bears gained strength for a move below the $1,820 support. Finally, the bulls appeared near the $1,750 zone. A low was formed at $1,753 and the price is now correcting some losses. There was a move above the $1,780 and $1,850 resistance levels.


It cleared the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,753 low. Ethereum price is now trading below $1,950 and the 100-hourly Simple Moving Average.


On the upside, the price seems to be facing hurdles near the $1,890 level. There is also a short-term bearish trend line forming with resistance at $1,890 on the hourly chart of ETH/USD. The next key resistance is near the $1,920 level.


The first major resistance is near the $1,950 level and the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,753 low. A clear move above the $1,950 resistance might send the price toward the $2,000 resistance.


Ethereum Price


An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,250 in the near term.


More Losses In ETH?


If Ethereum fails to clear the $1,890 resistance, it could start another decline. Initial support on the downside is near the $1,845 level. The first major support sits near the $1,800 zone.


A clear move below the $1,800 support might push the price toward the $1,750 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.


Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,800

Major Resistance Level – $1,890

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin Weekly Forecast: The calm before the stormBitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday.
Author  FXStreet
Jun 20, Fri
Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday.
placeholder
Bitcoin Investments in Japan Surge as Firms Hedge Against Yen WeaknessThe crypto market is witnessing a surge in participation from Japanese public companies such as Metaplanet, ANAP, Remixpoint, and Gumi.
Author  Beincrypto
Jun 20, Fri
The crypto market is witnessing a surge in participation from Japanese public companies such as Metaplanet, ANAP, Remixpoint, and Gumi.
placeholder
Here’s The Bitcoin Support Range To Watch If Price Decline ContinuesData shows this narrow Bitcoin price range hosts a few key BTC lines, something that could make the range an important support cluster.
Author  Bitcoinist
Jun 20, Fri
Data shows this narrow Bitcoin price range hosts a few key BTC lines, something that could make the range an important support cluster.
placeholder
Cardano Price Forecast: Whales offload 230 million ADA bought this week, raising risks of further declineCardano (ADA) ticks lower by over 1% at press time on Friday, marking its fifth consecutive bearish day.
Author  FXStreet
Jun 20, Fri
Cardano (ADA) ticks lower by over 1% at press time on Friday, marking its fifth consecutive bearish day.
placeholder
Traders Brace For Impact As Over $4 Billion in Bitcoin and Ethereum Options ExpireThe crypto market will witness $4.11 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts expire today.
Author  Beincrypto
Jun 20, Fri
The crypto market will witness $4.11 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts expire today.
Real-time Quote