- Ethereum (ETH) still remains in a bearish zone and is trading below the $2,000 resistance.
- If the ETH price is able to move above the $1,920, it could lead to a price increase.
- ETH is currently trading at $1,847.33 after a 3.80% drop in price.
Ethereum (ETH) still remains in a bearish zone and is trading below the $2,000 resistance zone. The decline means that ETH has found support near the $1,820 level and is now consolidating losses above this level. ETH is now trading below $1,900 and the 100 hourly simple moving average.
The immediate resistance for ETH now lies close to the $1,885 level, near the 50% FIB retracement level of the recent decline from the swing high at $1,956 to the low at the $1,820 level.
ETH’s main resistance is now forming close to the $1,900 and $1,920 levels. In addition to this, there is also a major bearish trend line forming alongside the resistance at $1,920 on the hourly chart of ETH / USD.
If the ETH price is able to move above $1,920, it could lead to a price increase for the altcoin towards the $1,950 level. In order for Ethereum to move into a positive zone, it will have to clear $1,950. If this is the case, the price could reach as high as $2,000.
On the other hand, if ETH is unable to rise above $1,920, the price could continue its decline.
The initial support for ETH lies at $1,820, but the next major support is near $1,800. If ETH reaches this level, it could lead to even more losses.
According to CoinMarketCap, ETH is currently trading at $1,847.33 after a 3.80% drop in price over the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of Coin Edition. No information in this article should be interpreted as investment advice. Coin Edition encourages all users to do their own research before investing in cryptocurrencies.