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Ethereum ™ shows signs of possible recovery, but resistance at $ 1,920 remains a challenge
Ethereum, one of the leading cryptocurrencies, is currently fighting to keep key support at $ 1,875. Although the price is below the brand of $ 1,920 and the 100-hour simple Moving Average, some signs indicate a possible relaxation. There was a remarkable moment on the hourly chart of ETH/USD: the breakthrough over a significant declining trend line with a resistance close to $ 1,900. This indicates that the bulls could take action again and try to drive the price up again. A crucial brand that needs to be overcome is $ 1,920. Near this level ...
Ethereum ™ shows signs of possible recovery, but resistance at $ 1,920 remains a challenge
Ethereum, one of the leading cryptocurrencies, is currently fighting to keep key support at $ 1,875. Although the price is below the brand of $ 1,920 and the 100-hour simple moving average, some signs indicate a possible recovery.
On the hourly chart of ETH/USD there was a remarkable moment: the breakthrough over a significant declining trend line with a resistance near $ 1,900. This indicates that the bulls could take action again and try to drive the price up again.
A crucial brand that now has to be overcome is $ 1,920. Near this level is the 61.8 %fib retracement level of the latest decline. If Ethereum manages to overcome this hurdle, it could gain momentum and strive for the resistance level of $ 1,940 and even $ 1,985.
However,should Ethereum succeed in overcoming the resistance at $ 1,920, the price could give in again. The first support is around $ 1,900, followed by the decisive mark of $ 1,875. A breakthrough under these support could cause further losses and the way towards $ 1,825 and possibly even $ 1,780. From a technical point of view, the hourly MacD shows an increasing bullish dynamic, while the RSI is above the 50s mark. These indicators could point out that buyers will win the upper hand again.
The coming time will show whether Ethereum is able to overcome the resistances and continue its upward dynamics. In particular, the level of $ 1,940 will be an important milestone to determine how the price could develop in the future. Traders and investors should continue to observe the development of Ethereum.