Ethereum finds support after recent decline
Ethereum price has found some stability around $1,920 after a recent decline from higher levels. The cryptocurrency struggled to maintain its position above $2,020, leading to a pullback that took it below several key levels, including $1,965 and $1,950.
From what I can see, the rebound from the $1,928 low has been modest so far. The price managed to rally above $1,965 and even tested the 50% Fibonacci retracement level of the decline from $2,100 to $1,928. But it is still trading below $2,000 and the 100 hourly simple moving average, suggesting the rally is not yet particularly strong.
Key levels to watch
A bullish trendline is forming with support around $1,955 on the hourly chart. If Ethereum manages to hold above this level, we could perhaps see another attempt at higher prices. Immediate resistance lies around $2,015, with greater resistance around $2,035 – this is the 61.8% Fibonacci retracement level.
I think the $2,060 level is another important area to watch. A clean break above could open the door to a test of the $2,100 region. If this happens, we could potentially see Ethereum move towards $2,150 or even $2,185 in the near term.
Potential Downside Risks
On the other hand, if Ethereum fails to clear the $2,015 resistance, we could see further decline. Initial support stands at around $1,965, with stronger support at the trendline near $1,955.
A break below $1,955 could take the price back towards the $1,920 support level. Further losses could lead to a test of $1,880, with main support possibly around $1,825.
Technical indicators show mixed signals
The hourly MACD shows some bullish momentum, which is encouraging. The RSI has risen above the 50 level, suggesting some improvement in buying pressure.
But honestly, the big picture remains somewhat unclear. The price development seems a little uncertain to me. Although there are some positive technical developments, Ethereum still needs to break through several resistance levels to confirm a more sustained recovery.
Major support lies at $1,920, while major resistance lies at $2,015. These levels will likely determine the next big move. The market appears to be waiting for a catalyst or clearer direction before committing to more decisive action in either direction.
