Ethereum Price Retests Uptrend Support Amidst Market Turmoil

Key Points:

• Ethereum’s price fails to clear the $1,975 resistance and starts a downside correction, trading below $1,950 level.
• Immediate resistance is near the $1,925 level and the next major resistance is near the $1,945 level.
• Clear move above $1,945 resistance could push the price towards $1,975 and the next major resistance is near the $2,120 level.

Ethereum‘s price has encountered a downside correction, failing to clear the $1,975 resistance level.

As a result, there has been a decline below $1,950, similar to Bitcoin, and even below the $1,920 support level. The price eventually spiked below $1,900, reaching a low of $1,894, and is now consolidating losses. Currently, the price is near the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.

Ether is now trading below $1,940 and the 100-hourly Simple Moving Average, indicating a bearish trend. On the hourly chart of ETH/USD, there is a key bearish trend line with resistance near $1,925. The immediate resistance level stands near the $1,925 level, which is the 100-hourly Simple Moving Average. The next major resistance level is at $1,945, which is close to the 61.8% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.

However, if there’s a clear move above the $1,945 resistance level, the price could be pushed toward $1,975. This could be a significant milestone for Ether as the main resistance level still remains near the $2,000 level. A successful push above this level could initiate a decent increase in the value of Ether. The next major resistance level is near $2,120, and any further gains could propel Ethereum toward the $2,200 resistance level.

Ethereum’s recent price decline and consolidation could be attributed to its inability to clear the $1,975 resistance level. However, the presence of key bearish trend lines and resistance levels should not be ignored. Traders and investors should keep a close eye on the $1,945 and $2,000 resistance levels, as these will be crucial in determining the future price action of Ether.

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