Ethereum Price Stuck In Range As Risk of Downside Correction Escalates

2023-06-26 04:22:47

Ethereum price is struggling to clear the $1,920 resistance against the US Dollar. ETH could correct lower if it breaks the $1,865 support zone.

Ethereum is currently correcting lower from the $1,920 resistance.
The price is trading above $1,865 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a short-term drop if there is a break below the $1,865 support.

Ethereum Price Struggles Below $1,920

Ethereum’s price extended its increase above the $1,850 resistance zone. ETH even spiked above $1,920 before the bears appeared. A high is formed near $1,929 and the price is now correcting gains, similar to Bitcoin.

There was a move below the $1,900 and $1,880 levels. However, the bulls are still protecting the $1,865 support zone. A low is formed near $1,866 and the price is now attempting a fresh increase. It is trading near the 23.6% Fib retracement level of the recent decline from the $1,929 high to the $1,866 low.

Ether is just trading above $1,865 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,890 level. There is also a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD.

The next major resistance is near the $1,900 level or the 50% Fib retracement level of the recent decline from the $1,929 high to the $1,866 low. The main resistance is near the $1,920 and $1,930 levels. If the bulls manage to pump Ethereum above the $1,930 zone, the price might even surpass $1,965.

Source: ETHUSD on TradingView.com

The next resistance sits near $2,000, above which the price could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.

Downside Break in ETH?

If Ethereum fails to clear the $1,900 resistance, it could continue to move down. Initial support on the downside is near the $1,865 level.

The next major support is near the $1,840 level. If there is a break below the $1,840 support, the price could test $1,790. Any more losses may perhaps send the price toward the $1,750 zone or even $1,720.

Technical Indicators

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

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

Major Support Level – $1,865

Major Resistance Level – $1,900

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