Ethereum Price Recovery In Trouble? Here Are Key Hurdles To Fresh Increase

2023-11-22 05:03:03

Ethereum price declined sharply alongside Bitcoin. ETH traded below $2,000, but it is still holding the key support at $1,920 and might attempt a fresh increase.

Ethereum struggled to clear the $2,070 resistance and corrected lower.
The price is trading below $2,000 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $2,000 hurdle.

Ethereum Price Eyes Fresh Increase

Ethereum price failed to clear the $2,070 resistance and reacted to the downside. ETH declined below the $2,000 support zone after reports of Binance’s settlement, like Bitcoin.

The bears even pushed the price below the $1,950 support zone and the 100-hourly Simple Moving Average. However, Ether stayed above the $1,920 support zone. A low was formed near $1,930 and the price is now attempting a fresh increase.

Ethereum broke the 23.6% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level. However, it is still below $2,000 and the 100-hourly Simple Moving Average.

On the upside, the price is facing resistance near the $1,990 zone. There is also a key bearish trend line forming with resistance near $1,990 on the hourly chart of ETH/USD. The first key resistance is near the $2,000 level or the 50% Fib retracement level of the recent decline from the $2,068 swing high to the $1,930 level.

Source: ETHUSD on TradingView.com

A clear move above the $2,000 level could spark bullish moves. The next resistance is near $2,070, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.

More Losses in ETH?

If Ethereum fails to clear the $2,000 resistance, it could start a fresh decline. Initial support on the downside is near the $1,950 level.

The next key support is $1,930 or $1,920. The main support is still near $1,905. A downside break below the $1,905 support might trigger more losses. In the stated case, Ether could drop toward the $1,820 support zone in the near term.

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 near the 50 level.

Major Support Level – $1,930

Major Resistance Level – $2,000

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