One thing is keeping Ethereum price from rallying

The Ethereum price is currently correcting its gains from the $1,920 resistance against the US Dollar. However, if it clears the $1,920 and $1,930 resistance levels, it could potentially start a fresh rally.

  • Ethereum is still struggling to clear the $1,920 resistance zone.
  • The price is currently trading above $1,880 and the 100-hourly Simple Moving Average.
  • There is a crucial bullish trend line that is forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
  • If the pair breaks the $1,870 support, it could start a substantial decline.

Ethereum Price Reaches Key Support

Ethereum’s price started a downside correction after failing to clear the $1,920 resistance zone. It corrected lower below the $1,900 level, similar to Bitcoin.

However, the bulls were active above the $1,870 support zone. Ether is now trading above $1,880 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,920 zone, and the next major resistance is near the $1,930 level.

A proper move above the $1,920 and $1,930 resistance levels might send Ether toward $2,000. The next resistance sits near $2,050, above which Ethereum could rise toward $2,120. Any more gains above the $2,120 resistance zone might send the price toward the $2,250 resistance. An intermediate resistance might be $2,200.

Downside Break in ETH?

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. The initial support on the downside is near the $1,890 level and the trend line.

The next major support is near the $1,870 zone or the 100-hourly Simple Moving Average. If there is a close below the $1,870 support, the price could decline toward the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level or even $1,780 in the coming sessions.

Technical Indicators:

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

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

Major Support Level – $1,870

Major Resistance Level – $1,920

Source: ETHUSD on