Ethereum dipped below $2K but the 100 SMA could spark a fresh new increase, after struggling to gain pace above the resistance zone and the US dollar. ETH is now correcting lower but the dips could be limited below the $1900 zone as we are reading more today in our latest Ethereum news.
Ethereum started a downside correction from the $2000 resistance zone and the price is still trading near the $1900 and the 100 hourly simple moving average. There’s also a key bullish trend line forming with the support near $1905 on the charts of ETH/USD and the pair could even start a fresh increase if it manages to stay above this level.
Ethereum attempted an upside break above the $2000 resistance but the bulls struggled above this level and a new high was formed near $2015 whcih started a new downside correction path for the coin. There was a move below the $1950 and the $1940 levels so Ethereum dipped below $2K and the 23.6% fib retracement level. However, it is still trading above $1900 and the 100 hourly simple moving average.
ETH 24-hour Price Chart (Source: coingecko)
There’s another key bullish trendline forming with support at $1905 on the hourly charts of the pair and on the upside, the initial resistance is close to the $1960 level. The next major resistance is close to the $1980 level and the connecting bearish trend line ont the same chart. The main resistance is near the $2000 zone and the proper upside break above this level could stage a new increase so in the stated case, the ETH price can rise to $2100 and more gains could push it higher. If Ethereum fails to continue higher above the $1980 resistance, it can extend the downside correction with initial support being set at the $1920 zone.
The next major support is close to the $1900 level and the 100 hourly simple moving average. More losses could fall for a test of 50% fib retracement of the upwards move of $1,704 low to the $2015 high. A downside break below this level could send the price to $1800. The hourly MACD for the pair is losing momentum in the bullish zone and the RSI for the pair is below the 50 levels.
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