Ethereum Crosses Above $1,900 – Bullish Bias Continues
Ethereum is gradually falling below $1,900 versus the US dollar. To avoid further losses in the near term, ETH must remain above $1,850. ETHEREUM has begun a downward decline below $1,920. The price is currently trading below $1,920 as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a key declining channel is forming with resistance near $1,900. If the pair remains below $1,900 and $1,950, it may continue to fall.
Ethereum Price is Encountering Resistance
Ethereum began a downtrend from well over the $2,000 resistance level. ETH gradually fell below the $1,950 and $1,920 thresholds.
The price fell sharply below $1,900 and the 100 hourly simple moving average. The price of ether fell as low as $1,854 but remained firm above the $1,850 support level. Its losses have now accumulated above the $1,860 mark.
On the upside, an immediate barrier is at the $1,900 mark and the 100 hourly simple moving average. It is close to the 23.6% Fib retracement of the latest slide from the $2,030 swing high to the $1,854 low. On the hourly chart of ETH/USD, a key declining channel is forming with resistance near $1,900.
The first major barrier is located between $1,920 and $1,925. The major breakthrough zone is emerging near the $1,950 level, which corresponds to the 50% Fib retracement of the recent collapse from the $2,030 swing high to the $1,854 low.
A decisive break above the $1,950 resistance level might kick-start a sustained rise to $2,000. If the price continues to rise, it may acquire positive momentum and test the $2,080 resistance zone in the immediate future.
More ETH Losses?
If Ethereum fails to break through the $1,925 barrier level, it may continue to fall. On the downside, an early support level is near $1,860.
The next significant support is near $1,850, below which a sharp drop is possible. In the aforementioned scenario, the price of ether might fall to $1,810 or lower. If the bears keep pushing, the price might fall all the way to $1,750. Good luck!
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