Ethereum Price Faces Resistance at $1,900 Amid Bearish Pressure
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Ethereum's price is struggling to maintain above $1,900, currently at $1,864.90, indicating a bearish trend. Key resistance levels lie at $1,950 and $2,000, while strong support is found around $1,720, with potential drops towards $1,740 if downward pressure continues. Recent bearish movements have established significant resistance points impacting future price action.
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- The upcoming prominent resistance is around the $1,950 level, and there is also a bearish trend line with resistance at $1,950.
- Any further loss may send the price toward the $1,740 region, and the big support could be somewhere around $1,720.
The price of Ethereum wasn’t able to surpass the $1,900 mark today and posted a fall such as Bitcoin. At the time of writing, the ETH price stood at $1,864.90, and with this, it has entered a bearish zone.
A low was made at $1,848, and after that the price showed a minor recovery wave. The price also went over the $1865 level but didn’t manage to hold longer and has still slipped below the 23.6% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low.
If the bulls go again over $1,850, then the price could look for another try for an increase; however, quick resistance is witnessed around the $1,880 mark. The first prominent resistance is around the $1,920 level and the 50% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low.
The Resistance Zone
The upcoming prominent resistance is around the $1,950 level. There is also a bearish trend line with resistance at $1,950 on the hourly chart of ETH/USD. A clean move over the $1,950 resistance may push the price to the $2,000 resistance.
An upside break over the $2,000 region may captivate more gains in the near future. In the said situation, Ether could grow toward the $2,050 resistance zone or also $2,120 in the near term.
If Ethereum slips to the $1,920 resistance, it could initiate a fresh decline. The starting support on the downside is around the $1,850 level. The first significant support is around the $1,825 zone.
A clear move under the $1,825 support might push the price toward the $1,780 support. Any further loss may send the price toward the $1,740 region. The big support could be somewhere around $1,720.
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