Key Takeaways:
- Ether price declined sharply from the $2,150 resistance.
- ETH/USD is testing a crucial bullish trend line with support at $1,920 on the daily chart.
- The price could either start a fresh increase or decline further toward $1,800.
Ethereum Price Hits Uptrend Support | Photo by Gilly on Unsplash
Ethereum’s ETH is correcting gains from $2,150. It must stay above $1,920 to start a fresh increase in the coming sessions.
Ethereum (ETH) Price Reaches Key Juncture
This past week, Ethereum saw a strong increase above the $2,000 resistance zone against the US dollar. The ETH/USD pair even spiked above the $2,100 level before the bears took a stand near the $2,150 zone.
A high was formed near $2,146 and Ether recently saw a sharp decline, similar to Bitcoin. The bears were able to push the price below the $2,000 support zone. The price traded below the 23.6% Fib retracement level of the upward move from the $1,687 swing low to the $2,146 high.
Ethereum’s daily price chart | Source: ETHUSD on TradingView.com
The price is now trading near a major support at $1,920 and is well above the 50-day simple moving average. ETH is also testing a crucial bullish trend line with support at $1,920 on the daily chart.
The trend line support is close to the 50% Fib retracement level of the upward move from the $1,687 swing low to the $2,146 high. If the bulls fail to protect the trend line support, there is a risk of additional losses.
The first major support is near the $1,840 level. The next major support is near the $1,800 zone and 50-day simple moving average. A close below the $1,800 level might push the price into a bearish zone. In the stated case, the price may perhaps decline toward the $1,550 support.
Fresh Increase?
Conversely, Ethereum might start a fresh increase from $1,920. On the upside, immediate resistance is near the $2,000 level. The first major resistance is near the $2,040 level. The next major resistance is near the $2,150 level.
A clear move above the $2,150 resistance might start another strong increase. The next major resistance is near the $2,220 zone, above which ether could surge toward the $2,400 resistance.
Overall, Ether price is trading near a key juncture at $1,920. If the bulls fail to protect $1,920, there could be a drop to $1,800. On the other hand, ETH might start a fresh increase toward $2,150.
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