The current price movement of Ethereum (ETH) and the key hurdles it faces in its attempt to rally is hot news for investors of this altcoin. After finding support near $1,900, ETH started a decent increase and is now trading above $1,980 and the 100-hourly Simple Moving Average.
However, a major bearish trend line is forming with resistance near $2,020. If ETH manages to clear this resistance level, it could experience a strong increase toward $2,090 and potentially aim for the $2,120 level.
Source: ETHUSD on TradingView.com
On the other hand, if it fails to surpass the $2,020 resistance, it may face a fresh decline. The immediate support levels are at $1,980 and $1,950, with the main support at $1,900.
Further losses could lead to a drop towards the $1,850 or even $1,800 level. The MACD indicator shows a bullish momentum loss, while the RSI is currently above the 50 level.
Source: NEWSBTC
