• Ethereum price is struggling to recover above the $1,900 resistance against the US Dollar.
• ETH/USD remains at a risk of more downsides below the $1,800 support zone.
• The next major resistance is near the $1,950 level or the 55 simple moving average (4 hours).
Ethereum Price Analysis
Ethereum price is currently trading around $1,900 against the US Dollar and is struggling to break past this key resistance level. Ethereum has attempted to clear the $2,050 level multiple times but failed each time. There was a sharp decline in price below the key supports at $1,920 and $1,900 which even led it as low as $1,805. There is now a bearish trend line forming with resistance near $1,850 on the 4-hour chart (data feed from Coinbase).
Key Resistance Levels
The next major resistance for Ethereum lies at the psychological level of $1950 or at its 55 simple moving average (4 hours). If ETH breaks above this level then it can potentially move towards its next major resistance at around $1975 which corresponds to its 50% Fib retracement level of its recent downward move from its swing high of around $2142 to its low of around$1805. A further increase can take it up to as much as$2150 or higher.
Key Support Levels
On the other hand if Ethereum fails to break pastthe psychological mark of 1950 then it will likely fall back down towards its initial supportat 1805 again. If that level does not hold then there is potential for ETHto go down even further towards 1770or lower depending on market conditions and sentiment. The crucial support that needs hold in order for any recovery attempt by Ethereum will be 1720 otherwise further losses could be experienced in Etheruem’sprice.
Conclusion
Overall, Ethereum price is trading below$1900 and still faces strong resistance from sellers near thee psychological markof 1950 as well as from bearish trend line formation withresistance near 1850 onthe 4- hour chart (data feed from Coinbase). Therefore if traders want successfultrading they need pay attention towards these key levels while entering anypositions in Etheruem’smarket..
Disclaimer
This article should not be taken as financial advice and investors should do their own research before investing in crypto currencies or any other asset class.