Ethereum's Price Surge: Can It Overcome $1,920 Resistance?

Ethereum price has initiated a recovery wave from the $1,750 zone, mirroring Bitcoin's recent behavior. Currently, ETH is consolidating and facing hurdles near the $1,920 resistance level.

Ethereum Price Faces Hurdles

Ethereum has successfully formed a base above the $1,750 mark and has begun its recovery wave. The price managed to break through the $1,800 and $1,820 resistance levels, driven by bullish momentum.

The bulls have pushed the price above the $1,880 level, surpassing the 23.6% Fibonacci retracement level of the downward wave from the $2,150 swing high to the $1,752 low. However, bearish activity is evident near the $1,920 resistance zone, which is formed by a short-term bearish trend line on the hourly chart of ETH/USD.

Currently, Ethereum is trading below $1,950 and the 100-hourly Simple Moving Average. The price must clear $1,920 and $1,950 resistance levels to initiate a significant upward trend.

The first major resistance is positioned near the $2,000 level. A break above this level could propel the price towards $2,060 and potentially $2,120 or even $2,250 in the near term.

Another Decline In ETH?

On the downside, if Ethereum fails to breach the $1,920 resistance, a decline could ensue. Initial support is expected near the $1,850 level, with major support at $1,800. A fall below this could lead the price towards $1,750 and further down to $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 currently above the 50 zone.
• Major Support Level: $1,800
• Major Resistance Level: $1,920