The price of Ethereum has experienced a correction and dropped below $1950 and the 100-hourly Simple Moving Average, which is causing concern about a potential bounce back. On the hourly chart of ETH/USD, there is a key bearish trend line forming resistance near $1930. If the cryptocurrency manages to break through this resistance level, as well as the $1950 resistance level, it could potentially start a fresh increase. The next resistance levels to watch out for are $1975 and $2000.
However, if Ethereum fails to rise above the resistance levels, it may continue to consolidate losses near the $1900 level. Earlier, Ethereum’s price rallied above the $1970 resistance level and even exceeded $2000, but it was unable to maintain its gains and saw a bearish reaction. This led to a move below the $1950 support zone and the 100-hourly Simple Moving Average, with the price even testing the $1900 level. A low was formed near $1900, and the cryptocurrency is now consolidating losses, trading near the 23.6% Fib retracement level of the downward move from the $2027 swing high to the $1900 low.
In summary, Ethereum’s price has corrected lower and is currently facing resistance levels near $1930 and $1950. It may start a fresh rally if it breaks through these resistance levels, but if it fails to do so, it could continue to consolidate losses near the $1900 level.
Source: NEWSBTC
