Ethereum is at a potentially significant turning point, as its price in relation to the US dollar is gradually falling from below $1,900. To prevent more losses in the foreseeable future, ETH must maintain a price above $1,850.
Below $1,920, Ethereum started to correct downward.
Currently, the price is trading beneath both the 100 hourly simple moving average and the $1,920 level.
On the hourly chart of ETH/USD, a significant downward channel is developing with resistance close to $1,900.
If the price of the pair continues below $1,900 and $1,950, it may continue to fall.
Price Faces Resistance – Ethereum Is At A Potentially Significant Turning Point
Ethereum began a downward reversal from far over the $2,000 barrier zone. ETH gradually fell below the $1,950 and $1,920 thresholds.
The $1,900 barrier and the 100 hourly simple moving average were clearly breached. The price of ether fluctuated as low as $1,854 but held steady above the $1,850 support level. It is now accumulating losses exceeding $1,860.
In the vicinity of the $1,900 mark and the 100 hourly simple moving average, there is imminent upward resistance. It is close to where the latest decline from the $2,030 swing high to the $1,854 low is at the 23.6% Fib retracement level. On the hourly chart of ETH/USD, a significant descending channel with resistance close to $1,900 is also developing.
The first significant barrier is located close to the $1,920 and $1,925 levels. Near the $1,950 level, which corresponds to the 50% Fibonacci retracement level of the current decline from the $2,030 swing high to $1,854 low, the crucial breakout zone is emerging.
A definite move above the $1,950 barrier might signal the beginning of a gradual rise over $2,000 The price may potentially develop upward momentum and target the $2,080 barrier area in the near future if there are more upsides.
More Losses?
Ethereum may keep falling if it is unable to go over the $1,925 barrier. Near the $1,860 area is the first area of support on the downside.
The next significant support is at $1,850, below which a severe drop is possible. In the aforementioned scenario, the price of ether could possibly fall to around $1,810. The price may potentially fall below the $1,750 mark if the bears continue to trade.
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