Ethereum Price Consolidates Below $1,920: What Could Trigger A Fresh Increase?

2023-06-23 03:26:51

Ethereum price is correcting gains from $1,930 against the US Dollar. ETH could start a fresh increase unless there is an extended decline toward $1,820.

Ethereum is currently correcting lower from the $1,930 resistance.
The price is trading above $1,850 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise further above the $1,900 and $1,930 resistance levels.

Ethereum Price Is Stable Above $1,850

Ethereum’s price rallied above the $1,850 resistance zone. ETH even spiked above $1,900 before the bears appeared. A high is formed near $1,930 and the price is now correcting gains, similar to Bitcoin.

There was a move below the $1,900 and $1,880 levels. The price traded below the 23.6% Fib retracement level of the upward move from the $1,715 swing low to the $1,930 high. Besides, there was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD.

Ether is still trading above $1,850 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,900 level. The next major resistance is near the $1,930 level.

Source: ETHUSD on TradingView.com

If the bulls manage to pump Ethereum above the recent high, the price might even surpass $1,950. The next resistance sits near $2,000, above which the bulls could aim a move toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,930 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 $1,820 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,715 swing low to the $1,930 high. If there is a break below the $1,820 support, the price could test $1,800. Any more losses may perhaps send the price toward the $1,750 zone or even $1,720 in the coming days.

Technical Indicators

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

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

Major Support Level – $1,820

Major Resistance Level – $1,930

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