Ethereum Price Analysis: Approaching Key Resistance at $1,920

Ethereum’s price is recovering above $1,850 but faces resistance at $1,920. A breach of $1,920 could lead to substantial gains, targeting levels of $2,020 and $2,050. Conversely, failing to clear this resistance could result in declines towards $1,800 and $1,765 support levels. Key technical indicators reflect a cautious bullish momentum.

Ethereum’s price has initiated a recovery wave above the $1,850 mark, currently consolidating and encountering key resistance around $1,920. The asset previously broke through the $1,820 and $1,850 levels, trading above the key 100-hourly Simple Moving Average and maintaining above the $1,860 support established by a connecting bullish trend line on the ETH/USD hourly chart.

Despite a commendable upward trend, Ethereum faces hurdles at $1,900 and $1,920, which must be surpassed for a significant price surge. Moreover, this resistance aligns with the 61.8% Fibonacci retracement level descending from the recent swing high of $2,032 to the low of $1,767. If successful, a clear movement above $1,970 could propel the price towards $2,020 and potentially up to the $2,050 resistance zone in forthcoming sessions.

Conversely, should Ethereum fail to breach the $1,920 resistance, it may initiate a downward trend. Initial support is situated near the $1,860 mark, with the first significant support at around $1,845. A drop below the $1,845 threshold could trigger a further decline towards $1,800 and even the $1,765 support level, with a critical support at $1,710.

Technical indicators suggest a mixed outlook, with the hourly MACD indicating a loss of bullish momentum while the hourly RSI remains above the 50 level. The major support level is established at $1,860, with the major resistance level noted at $1,920, signalling crucial thresholds for Ethereum’s immediate price trajectory.