Ethereum Price Support Intact, but Market Signals Waning Bullish Momentum

The first key resistance is near the $2,050 level. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,155 resistance. An upside break above the $2,155 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,220 resistance zone or even $2,250 in the near term.

Downside Continuation In ETH?

If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,920 level. The first major support sits near the $1,880 zone or the 76.4% Fib retracement level of the upward move from the $1,836 swing low to the $2,054 high.

A clear move below the $1,880 support might push the price toward the $1,840 support. Any more losses might send the price toward the $1,800 region. The main support could be $1,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,880

Major Resistance Level – $2,050

About Author

See author's posts