Ethereum Price Bullish Momentum Fades But ETH Bulls Still In Control

2023-11-08 04:35:37

Ethereum price is still struggling to clear the $1,920 resistance against the US dollar. ETH is moving lower but downsides might be limited below $1,850.

Ethereum is still struggling to clear the $1,920 level.
The price is trading above $1,860 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise once again unless there is a close below the $1,850 support zone.

Ethereum Price Stuck In Range

Ethereum remained stable above the $1,850 support zone. ETH made another attempt to gain bullish momentum above the $1,880 resistance, like Bitcoin.

There was a break above a connecting bearish trend line with resistance near $1,880 on the hourly chart of ETH/USD. However, the pair again failed to clear the $1,920 resistance zone. A high is formed near $1,907 and the price is moving lower.

There was a drop below the $1,885 level. The price even tested the 50% Fib retracement level of the recent increase from the $1,851 swing low to the $1,907 high.

Ethereum is now trading above $1,860 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,900 level. The first major resistance sits at $1,920. To start a fresh increase, the bulls need to clear the $1,920 resistance.

Source: ETHUSD on TradingView.com

In the stated case, the price could rally toward the $2,000 resistance. The next key resistance is near $2,050, above which the price could accelerate higher toward the $2,120 level.

Are Dips Limited 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 $1,880 level. The next key support is $1,870 or the 100 hourly SMA.

The 61.8% Fib retracement level of the recent increase from the $1,851 swing low to the $1,907 high is also at $1,870. The main support sits at $1,850. A downside break below the $1,850 support might send Ether further lower. In the stated case, the price could drop toward the $1,780 level.

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 above the 50 level.

Major Support Level – $1,870

Major Resistance Level – $1,920

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