Ethereum: Correction below $ 2,000 rally expected when overcoming $ 1,950
Ethereum: Correction below $ 2,000 rally expected when overcoming $ 1,950
Ethereum recently could not hold the price of $ 2,000 and is currently in a downward correction compared to the US dollar. However, it is expected that a new rally could begin if the price increases over $ 1,950.
In the past few hours, Ethereum has experienced a downward correction and tested the $ 1,900 mark. The price is currently below $ 1,950 and the 100-hour simple moving average. On the hourly chart of ETH/USD there is an important declining trend line with a resistance close to $ 1,930.
It is expected that the price could experience a new increase if it overcomes the level of resistance of $ 1,930 and $ 1,950. Ethereum initially exceeded the resistance of $ 1,970 and even reached a maximum of over $ 2,000, but could not expand the profits. The price then fell back under the support zone of $ 1,950 and the simple sliding 100-hour average. A low point was reached at $ 1,900. The price currently consolidates its losses and acts near the 23.6 %Fib retracement level.
In addition, Ethereum is also traded below $ 1,950 and the 100-hour simple moving average. There is also an important declining trend line on the hourly chart of ETH/USD.
On the other hand, the immediate resistance is close to $ 1,930. The first major resistance is near the zone of $ 1,950, and a breakthrough over this could lead the price in the direction of the resistance zone of $ 1,975. The next large resistance zone is close to the $ 2,000 mark.
However, there is also the possibility that Ethereum will record further losses if it is not possible to overcome the resistance of $ 1,930. The first support is close to $ 1,920. The next big support is near the level of $ 1,900 and could lead to further downward movements. Further losses could lead Ethereum in the direction of the level of support of $ 1,825.The technical indicators show that the MACD for ETH/USD loses dynamics in the declining zone. The RSI is currently below the 50 mark.
All in all, Ethereum could start a new rally if it overcomes the resistance of $ 1,950. Otherwise, further losses could occur that could lead the price at short notice in the direction of the level of support of $ 1,825. The development of Ethereum remains interesting for investors and traders.
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