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Ethereum Price Stuck In Range As Risk of Downside Correction Escalates

Ethereum Price Stuck In Range As Risk of Downside Correction Escalates

Ethereum

ETH

Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. ETH could correct lower if it breaks the $1,865 support zone.

Ethereum Price Struggles Below $1,920

Ethereum’s price extended its increase above the $1,850 resistance zone. ETH even spiked above $1,920 before the bears appeared. A high is formed near $1,929 and the price is now correcting gains, similar to Bitcoin.

There was a move below the $1,900 and $1,880 levels. However, the bulls are still protecting the $1,865 support zone. A low is formed near $1,866 and the price is now attempting a fresh increase. It is trading near the 23.6% Fib retracement level of the recent decline from the $1,929 high to the $1,866 low.

Ether is just trading above $1,865 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,890 level. There is also a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD.

The next major resistance is near the $1,900 level or the 50% Fib retracement level of the recent decline from the $1,929 high to the $1,866 low. The main resistance is near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the $1,930 zone, the price might even surpass $1,965.

Source: ETHUSD on TradingView.com

The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,865 level.

The next major support is near the $1,840 level. If there is a break below the $1,840 support, the price could test $1,790. Any more losses may perhaps send the price toward the $1,750 zone or even $1,720.

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 level.

Major Support Level – $1,865

Major Resistance Level – $1,900

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