Ethereum's recent price action reveals its continued struggle to break past the $1,920 resistance against the US dollar. At present, ETH remains above $1,860, with the 100-hourly Simple Moving Average providing a level of support. Notably, there was a noteworthy break above a bearish trend line with resistance near $1,880 on the hourly ETH/USD chart, suggesting that the bulls are still in the game.
The Ethereum market has been oscillating within a defined range, maintaining stability above the crucial $1,850 support zone. Ethereum's performance in recent trading sessions mirrors Bitcoin's attempts to surge past resistance levels. While there was a momentary surge above the $1,880 resistance, it proved insufficient to breach the $1,920 resistance zone, with the price topping at around $1,907 before retracing.
Following the failed attempt to surpass $1,920, Ethereum's price is currently hovering around $1,860. The coin's value remains bolstered by the 100-hourly Simple Moving Average, offering a level of support to prevent further significant downturns. Key to note is the continuous struggle to break past the $1,920 resistance, which represents a critical milestone for the Ethereum bulls.
Despite a brief foray above $1,880 on the hourly chart, Ethereum has been unable to sustain its upward momentum. This lack of traction resulted in a pullback that brought the price below the $1,885 level. The 50% Fibonacci retracement level of the recent swing, from a low of $1,851 to a high of $1,907, was also tested during this retracement.
Ethereum currently maintains a price position above $1,860, accompanied by the support of the 100-hourly Simple Moving Average. While facing resistance near the $1,900 level, the critical obstacle for Ethereum bulls remains the $1,920 resistance zone. Achieving a breakthrough here is imperative to initiate a renewed uptrend.
In the event that Ethereum manages to conquer the $1,920 resistance, the price could rally towards the $2,000 mark. Subsequently, the next significant hurdle stands at $2,050, beyond which further upward acceleration toward the $2,120 level may be in the cards.
Should Ethereum fail to breach the $1,900 resistance level, it may encounter further downward pressure. Initial support is found near the $1,880 level, with additional support at $1,870 or the 100-hourly Simple Moving Average. Notably, the 61.8% Fibonacci retracement level of the recent swing is also aligned with the $1,870 support, while the ultimate level of importance remains at $1,850. A decline beneath this key support could precipitate a drop towards $1,780.
In the midst of this price fluctuation, it is crucial for traders to keep a close eye on Ethereum's technical indicators, as they provide valuable insights for Forex market participants, helping them make informed trading decisions.
Ethereum's hourly MACD indicates a waning bullish momentum, underscoring the challenges it faces in the $1,900 to $1,920 resistance zone. On the other hand, the hourly RSI has managed to remain above the 50 level, suggesting that there is still a degree of bullish sentiment. Forex traders should take note of the major support level at $1,870 and the crucial resistance level at $1,920 as they navigate Ethereum's volatile price swings and assess potential opportunities in the Forex market.