{"id":24807,"date":"2023-05-31T03:52:39","date_gmt":"2023-05-31T07:52:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24807"},"modified":"2023-05-31T03:52:39","modified_gmt":"2023-05-31T07:52:39","slug":"ethereum-price-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/31\/ethereum-price-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back\/","title":{"rendered":"Ethereum Price is Primed For a Rally And Only 1 Thing is Holding it Back"},"content":{"rendered":"

Ethereum price is correcting gains from the $1,920 resistance against the US Dollar. ETH could start a fresh rally if it clears the $1,920 and $1,930 resistance levels.<\/em><\/p>\n

Ethereum is still struggling to clear the $1,920 resistance zone.
\nThe price is trading above $1,880 and the 100-hourly Simple Moving Average.
\nThere is a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a substantial decline if it breaks the $1,870 support.<\/p>\n

Ethereum Price Reaches Key Support<\/h2>\n

Ethereum\u2019s price started a downside correction after it failed to clear the $1,920 resistance zone. ETH corrected lower below the $1,900 level, similar to Bitcoin<\/a>.<\/p>\n

There was a move below the 23.6% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. However, the bulls were active above the $1,870 support zone. There is also a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH\/USD.<\/p>\n

Ether is now trading above $1,880 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level.<\/p>\n\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A proper move above the $1,920 and $1,930 resistance levels might send Ether toward $2,000. The next resistance sits near $2,050, above which Ethereum could rise toward $2,120. Any more gains above the $2,120 resistance zone might send the price toward the $2,250 resistance. An intermediate resistance might be $2,200.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,890 level and the trend line.<\/p>\n

The next major support is near the $1,870 zone or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. If there is a close below the $1,870 support, the price could decline toward the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level or even $1,780 in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is below the 50 level.<\/p>\n

Major Support Level \u2013 $1,870<\/p>\n

Major Resistance Level \u2013 $1,920<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is correcting gains from the $1,920 resistance against the US Dollar. ETH could start a fresh rally if it clears the $1,920 and $1,930 resistance levels.<\/em><\/p>\n

Ethereum is still struggling to clear the $1,920 resistance zone.
\nThe price is trading above $1,880 and the 100-hourly Simple Moving Average.
\nThere is a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a substantial decline if it breaks the $1,870 support.<\/p>\n

Ethereum Price Reaches Key Support<\/h2>\n

Ethereum\u2019s price started a downside correction after it failed to clear the $1,920 resistance zone. ETH corrected lower below the $1,900 level, similar to Bitcoin<\/a>.<\/p>\n

There was a move below the 23.6% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. However, the bulls were active above the $1,870 support zone. There is also a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH\/USD.<\/p>\n

Ether is now trading above $1,880 and the 100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level.<\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A proper move above the $1,920 and $1,930 resistance levels might send Ether toward $2,000. The next resistance sits near $2,050, above which Ethereum could rise toward $2,120. Any more gains above the $2,120 resistance zone might send the price toward the $2,250 resistance. An intermediate resistance might be $2,200.<\/p>\n

Downside Break in ETH?<\/h2>\n

If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,890 level and the trend line.<\/p>\n

The next major support is near the $1,870 zone or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. If there is a close below the $1,870 support, the price could decline toward the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level or even $1,780 in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is below the 50 level.<\/p>\n

Major Support Level \u2013 $1,870<\/p>\n

Major Resistance Level \u2013 $1,920<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24807","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24807"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24807\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24807"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}