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Ethereum Price Prediction – Key Risks Warn Against Chasing ETH Higher

22.07.2023
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Ethereum, the popular cryptocurrency, is currently trading in a range above the $1,875 level. However, it faces resistance below $1,910 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of ETH/USD, there is a notable rising channel with support of around $1,885.

If the price remains below $1,920 for an extended period, it could experience a significant decline. Recently, Ethereum attempted to surpass the $1,900 level but failed to gain traction above the $1,920 resistance, following a similar pattern to Bitcoin.

While the price briefly dipped below $1,885, it managed to stabilize above $1,875, with a low formed near $1,877. Currently, it is slowly recovering above the $1,885 level, with the mentioned rising channel providing support.

The immediate resistance lies around the $1,900 level, which is close to the 50% Fibonacci retracement level of the recent decline from the $1,927 swing high to the $1,877 low. If Ethereum surpasses this hurdle, it may test the main resistance at $1,920.

Beyond $1,920, the next significant resistance level stands at $1,940. If the bullish momentum continues, Ethereum could potentially reach the $2,000 resistance in the near future.

However, if the cryptocurrency fails to break the $1,920 resistance, it might face downward pressure. The initial support on the downside is near $1,885, aligned with the channel trend line. A breach of this support could lead to further bearish momentum.

The first major support level sits at $1,875, and a drop below this level may signal a stronger bearish trend. The next substantial support is around $1,825, and a close below this level could push the price toward the $1,770 support level. In the event of more significant losses, the doors might open for a potential move toward the $1,720 support level.

As for technical indicators, the hourly Moving Average Convergence Divergence (MACD) for ETH/USD indicates weakening momentum in the bearish zone. The Relative Strength Index (RSI) for the pair is currently above the 50 level.

In summary, Ethereum’s price is experiencing a critical phase, with key resistance at $1,920 and vital support at $1,875. Traders and investors will closely monitor these levels to gauge the potential direction of the cryptocurrency’s movement in the coming days.

The post Ethereum Price Prediction – Key Risks Warn Against Chasing ETH Higher appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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