Ethereum’s Price Rally at Risk of Reversal as it Fails to Break Through $1,920

Ethereum has faced another decline from the $1,920 resistance against the US Dollar, putting it at risk of more losses if it stays below $1,920 for a long time. The price is now trading below $1,880 and the 100-hourly Simple Moving Average, showing bearish signs. There is a major bearish trend line forming with resistance near $1,870 on the hourly chart of ETH/USD. The pair could gain bearish momentum if it breaks the $1,840 support. Ethereum’s price started a fresh decline after it failed to clear the $1,920 resistance zone, similar to Bitcoin. Immediate resistance is near the $1,865 zone, followed by the $1,880 level. The next resistance sits near $1,920, above which Ethereum could rise toward $2,000. However, if Ethereum fails to clear the $1,880 resistance, it could continue to move down. Technical indicators show that the MACD for ETH/USD is gaining momentum in the bearish zone, and the RSI for ETH/USD is below the 50 level. Initial support on the downside is near the $1,840 level, with the next major support near the $1,820 zone. Any more losses may send the price toward the $1,740 level or even $1,720 in the coming sessions.

This news was first seen here: Ethereum Price Topside Bias Vulnerable If It Continues To Struggle Below $1,920 on 2023-06-01 00:10:12

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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