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Home»Analysis»Ethereum price is poised for a rally and only one thing is holding it back
Analysis

Ethereum price is poised for a rally and only one thing is holding it back

2023-05-31No Comments2 Mins Read
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Ethereum price is correcting gains from the $1,920 resistance against the US dollar. ETH could start another rally if it clears the $1,920 and $1,930 resistance levels.

  • Ethereum is still struggling to clear the $1,920 resistance zone.
  • The price is trading above $1,880 and the 100-hour Simple Moving Average.
  • A crucial bullish trendline is forming with support near USD 1,890 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could start a substantial decline if it breaks the $1,870 support.

Ethereum price reaches key support

Ethereum price started a downside correction after failing to clear the $1,920 resistance zone. ETH corrected lower below the USD 1,900 level, similar to Bitcoin.

There was a move below the 23.6% Fib retracement level from the main raise from the $1,836 swing low to the $1,930 high. However, the bulls were active above the $1,870 support zone. A crucial bullish trendline is also forming with support near USD 1,890 on the ETH/USD hourly chart.

Ether is now trading above USD 1,880 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level.

Ethereum price

Source: ETHUSD at TradingView.com

A good move above the $1,920 and $1,930 resistance levels could send Ether to $2,000. The next resistance is near USD 2,050, above which Ethereum could rise towards USD 2,120. More gains above the $2,120 resistance zone could push the price towards the $2,250 resistance. An intermediate resistance could be $2,200.

Interruption in ETH?

If Ethereum fails to clear the $1,920 resistance, it could fall further. The first support on the downside is near the $1,890 level and trendline.

See also  LeverFi (LEVER) Price Prediction 2023 2024 2025

The next major support is near the $1,870 zone or the 100-hour Simple Moving Average. It is close to the 61.8% Fib retracement level of the key rise from the $1,836 swing low to the $1,930 high. If a close breaks below the USD 1,870 support, the price could drop towards the USD 1,840 support. More losses may perhaps send the price towards the $1,800 or even $1,780 level in the coming sessions.

Technical indicators

MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.

RSI per hour – The RSI for ETH/USD is below the 50 level.

Major Support Level – $1,870

Major resistance level – $1,920

Source link

Ethereum Holding poised Price rally
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