Ethereum Price Lacks Momentum Above $1,900 But Dips Likely To Be Limited

2023-06-27 03:45:28

Ethereum price is struggling to settle above the $1,920 resistance against the US Dollar. ETH is still at risk of a drop toward the $1,790 support.

Ethereum is still facing a major hurdle near the $1,920 resistance.
The price is trading near $1,870 and the 100-hourly Simple Moving Average.
There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further if it remains below $1,920 and $1,930 for a long time.

Ethereum Price Grinds Lower

Ethereum’s price remained below the key $1,920 resistance zone. ETH failed to stay above the $1,900 zone and extended its decline, similar to Bitcoin.

There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD. The pair dipped below the $1,865 support and the 100-hourly Simple Moving Average. However, losses were limited below $1,850.

A low is formed near $1,838 and the price is now moving higher. It broke the 23.6% Fib retracement level of the recent decline from the $1,930 high to the $1,838 low.

Ether is now trading near $1,870 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,885 level or the 50% Fib retracement level of the recent decline from the $1,930 high to the $1,838 low. The next major resistance is near the $1,900 level.

Source: ETHUSD on TradingView.com

The key breakout zone is still near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the $1,930 zone, the price might gain bullish momentum. The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains could send Ether toward the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level.

The next major support is near the $1,840 level. If there is a move below $1,840 and the recent low, the price could test $1,790. Any more losses may perhaps send the price toward the $1,750 support.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,840

Major Resistance Level – $1,900

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