{"id":32792,"date":"2023-11-20T04:53:04","date_gmt":"2023-11-20T08:53:04","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=32792"},"modified":"2023-11-20T04:53:04","modified_gmt":"2023-11-20T08:53:04","slug":"ethereum-price-rally-in-jeopardy-decoding-key-hurdles-to-fresh-increase","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/20\/ethereum-price-rally-in-jeopardy-decoding-key-hurdles-to-fresh-increase\/","title":{"rendered":"Ethereum Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase"},"content":{"rendered":"

Ethereum price started a fresh increase from the $1,900 support. ETH is now facing resistance near $2,020, above which it could accelerate higher.<\/em><\/p>\n

Ethereum found support near $1,900 and started a decent increase.
\nThe price is trading above $1,980 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a strong increase if it clears the $2,020 resistance zone.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

This past week, Ethereum price started a downside correction from the $2,120 resistance. ETH declined below the $2,020 and $2,000 support levels. It even spiked below the $1,920 support.<\/p>\n

A low was formed near $1,905 and the price started a steady increase, like Bitcoin<\/a>. There was a move above the $1,950 and $1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.<\/p>\n

Ethereum is now trading above $1,980 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,020 zone.<\/p>\n

There is also a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH\/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.<\/p>\n

<\/a><\/p>\n

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

A close above the $2,020 resistance could start another strong increase. The next resistance is near $2,090, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,980 level and the 100-hourly Simple Moving Average.<\/p>\n

The next key support is $1,950. The main support is $1,900. A downside break below the $1,900 support might trigger more losses. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $1,950<\/p>\n

Major Resistance Level \u2013 $2,020<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price started a fresh increase from the $1,900 support. ETH is now facing resistance near $2,020, above which it could accelerate higher.<\/em><\/p>\n

Ethereum found support near $1,900 and started a decent increase.
\nThe price is trading above $1,980 and the 100-hourly Simple Moving Average.
\nThere is a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a strong increase if it clears the $2,020 resistance zone.<\/p>\n

Ethereum Price Faces Hurdles<\/h2>\n

This past week, Ethereum price started a downside correction from the $2,120 resistance. ETH declined below the $2,020 and $2,000 support levels. It even spiked below the $1,920 support.<\/p>\n

A low was formed near $1,905 and the price started a steady increase, like Bitcoin<\/a>. There was a move above the $1,950 and $1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.<\/p>\n

Ethereum is now trading above $1,980 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price is facing resistance near the $2,020 zone.<\/p>\n

There is also a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH\/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.<\/p>\n

<\/a><\/p>\n

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

A close above the $2,020 resistance could start another strong increase. The next resistance is near $2,090, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,980 level and the 100-hourly Simple Moving Average.<\/p>\n

The next key support is $1,950. The main support is $1,900. A downside break below the $1,900 support might trigger more losses. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Level \u2013 $1,950<\/p>\n

Major Resistance Level \u2013 $2,020<\/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-32792","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\/32792","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=32792"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32792\/revisions"}],"predecessor-version":[{"id":32802,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/32792\/revisions\/32802"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=32792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=32792"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=32792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}