Ethereum price has gone through some bearish corrections against the US Dollar recently. The $1,925 and $1,940 resistances have been acting as strong hurdles, preventing Ethereum from gaining further upsides. ETH is currently trading below the $1,880 resistance and the 100-hourly Simple Moving Average. If it continues to move down, it could revisit the $1,840 support or the 76.4% Fib retracement level of the upward move from the $1,850 swing low to the $1,938 high.
Accelerated downwards movement could also bring Ethereum price near $1,825 before the buyers come. But if Ethereum bulls show any strength and succeed to push the price above the $1,925 and $1,940 resistances, then it could move towards the $2,000 level and later to $2,120. Hourly MACD is gaining momentum in the bearish zone, while hourly RSI is below the 60 level. The major supports are seen near $1,840 while the major resistance is near $1,880.
Joseph Ruiz
- 2023-04-12
Ethereum Price Stalling Amid Uptrend Hurdles
Ethereum price is currently consolidating losses against the US Dollar and is trading below the major resistances near $1,925 and $1,940. Accelerated downwards movement could bring ETH towards $1,840 and later $1,825.
