The price of Ethereum fell against the US Dollar after failing to hold a position over $2,000 for long. If there is a rise above $1,950, ETH may begin a new climb.
The Price of Ethereum Might Restart a rally.
The price of Ethereum overcame the $1,970 obstacle. Even after rising beyond $2,000, ETH was unable to extend its gains. Before there was a bearish reaction, a high was created around $2,027.
The 100-hourly Simple Moving Average and the $1,950 support area were breached. Even the $1,900 mark was tested by the pricing. The price has hit a bottom near $1,900 and is currently extending its losses. It is currently trading close to the 23.6% Fibonacci retracement level of the decline from the swing high of $2,027 to the low of $1,900.
Ether is currently trading below both the 100-hour Simple Moving Average and the $1,950 mark. On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,930 is also developing.
On the upside, the $1,930 mark serves as immediate resistance. The price could advance towards the $1,975 resistance zone if it moves past the first significant resistance near the $1,950 area. It is very close to the 61.8% Fib retracement level of the decline from the swing high of $2,027 to the low of $1,900.
Near the $2,000 mark, there is the next significant obstacle. Ether might reach the $2,050 or possibly $2,120 resistance with any additional increases.
More ETH Losses?
Ethereum may experience a new slump if it is unable to overcome the $1,930 resistance. Near $1,920 is where initial support on the downside is located.
Near $1,900 is the first significant support, below which the price may start to trend downward. Near the $1,850 support level is the next significant level of support. Ether may soon move in the direction of the $1,825 support level if there are any additional losses.