Ethereum Struggles to Break $1,920 Resistance Level
Ethereum price is still grappling with the $1,920 resistance against the US dollar. Despite trading above $1,860 and the 100-hourly Simple Moving Average, ETH is facing hurdles in its upward movement.
“Ethereum is still struggling to clear the $1,920 level,” said an industry expert.
The recent attempt to surpass the $1,880 resistance saw a break above a bearish trend line, but the high of $1,907 proved to be a barrier to further progress. The price has since slipped below the $1,885 level, testing the 50% Fib retracement level.
In response to the struggle, Ethereum is now trading above $1,860 and the 100-hourly Simple Moving Average. Despite resistance at the $1,900 level, the bulls need to overcome the $1,920 resistance for a significant surge.
According to TradingView.com, the price could potentially rally towards the $2,000 resistance, and further towards $2,050 and $2,120 levels if it manages to clear the current hurdles.
Limited Downside for ETH
If Ethereum fails to break the $1,900 resistance, it might face a downward trend. However, initial support is anticipated near the $1,880 level, followed by the 100 hourly SMA at $1,870. The key support remains at $1,850, as a break below this level could result in a drop towards $1,780.
Hourly MACD – The MACD for ETH/USD is showing signs of weakening momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $1,870
Major Resistance Level – $1,920
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