Ethereum

Ethereum, the second-largest cryptocurrency by market capitalization, is currently facing challenges in surpassing crucial resistance levels. Despite a recent uptick, Ethereum&#39;s price cannot break through the barriers at $1,900 and $1,920. This article delves into the ongoing struggle of Ethereum against the prevailing bearish sentiment, examining key technical indicators and potential price movements.Bearish Resistance Hampers Ethereum&#39;s ProgressEthereum&#39;s price has encountered significant hurdles at $1,900 and $1,920, impeding its upward trajectory. Presently, the cryptocurrency is trading below $1,880 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of ETH/USD, a prominent bearish trend line is forming, indicating resistance near $1,855. This persistent bearish pressure suggests that Ethereum might continue to face challenges in overcoming the $1,900 resistance zone.Stalled Rally as Ethereum Struggles to Surpass ResistanceFollowing a surge from the $1,775 zone, Ethereum experienced a price increase surpassing the $1,850 resistance level. However, like Bitcoin, the bears thwarted further progress near the $1,900 zone. A peak was formed around $1,898, prompting a downward movement. Ethereum subsequently broke below the $1,850 support zone, falling beneath the 50% Fib retracement level of the previous upward swing from the $1,777 low to the $1,898 high.Key Indicators and Potential ScenariosEther currently trades below the 100-hourly SMA and $1,880, reinforcing the bearish sentiment. The hourly chart of ETH/USD reveals the formation of a significant bearish trend line near $1,855. Ethereum is currently finding support at $1,820 and the 61.8% Fib retracement level from the recent upward move. Immediate resistance levels are anticipated at $1,855 and $1,900. A successful breach of these levels could propel Ethereum toward $1,920, followed by potential gains up to $2,000 and beyond.Downside Risks and Support LevelsShould Ethereum fail to surpass the $1,855 resistance, it may continue its downward trajectory. Initial support lies around $1,820, with the next significant support level at $1,800. A breach below $1,800 could result in a decline toward the $1,740 support level. Subsequent losses might push the price towards $1,700 or even $1,660 in the upcoming sessions.Ethereum&#39;s struggle to overcome the resistance levels at $1,900 and $1,920 has created a challenging environment for cryptocurrency. Traders and investors are keeping a close eye on key support and resistance levels, analyzing technical indicators to gauge the potential future price movements of Ethereum.

Ethereum Price Consolidates Below $1,900: What Could Trigger A Sharp Decline?

ItsBitcoinWorld

Otros artículos publicados el 8 jun 2023

Cumberland Buys the Dip After SEC Sues Binance and Coinbase

Cryptocurrency Market Plunges: Notable Losses in Bitcoin and Kava

Kraken NFT Officially Launches, Introducing Polygon Integration

Coinbase Faces State Scrutiny: Deserved Penalties or SEC-Inspired Trend?

Senators Grill Zuckerberg on 'Leaked' LLaMA AI Model at Meta

US House of Representatives Explores the Future of Blockchain and Web3

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!