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Home»EXCHANGE NEWS»Are there any problems with Ethereum price recovery? The main obstacles to new growth are:
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Are there any problems with Ethereum price recovery? The main obstacles to new growth are:

By Crypto FlexsNovember 25, 20232 Mins Read
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Are there any problems with Ethereum price recovery?  The main obstacles to new growth are:
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The price of Ethereum fell sharply along with Bitcoin. ETH has been trading below $2,000, but still holds key support at $1,920 and may attempt a fresh rally higher.

  • Ethereum struggled to clear the $2,070 resistance level and corrected its downward trend.
  • The price is trading below $2,000 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming with resistance near $1,990.
  • Once the $2,000 hurdle is overcome, the currency pair could start a new increase.

Ethereum Price Eyes Fresh Increase

Ethereum price failed to resolve the resistance of $2,070 and reacted downward. ETH fell below the $2,000 support zone after Binance reported a Bitcoin-like settlement.

The decline even pushed the price below the $1,950 support zone and the 100-hourly simple moving average. However, Ether remained above the $1,920 support zone. A low was made around $1,930 and the price is currently attempting a new rise.

Ethereum recently broke through the 23.6% Fib retracement level, falling from the $2,068 swing high to the $1,930 level. However, it is still below $2,000 and the 100-hour simple moving average.

Meanwhile, the price is finding resistance near $1,990. Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $1,990. The first major resistance is near the $2,000 level or the 50% Fib retracement level down from the recent $2,068 swing high towards the $1,930 level.

Source: ETHUSD on TradingView.com

A clear move above the $2,000 level could trigger a bullish move. The next resistance level is near $2,070, if it breaks above it could target an advance towards the $2,120 level. Any more gains could start a wave towards the $2,200 level.

Will there be more losses in ETH?

If Ethereum fails to clear $2,000 resistance, a new downtrend could begin. Initial support for the downside is near the $1,950 level.

The next major support levels are $1,930 or $1,920. Key support is still close to $1,905. A decline below the $1,905 support could result in further losses. If indicated, Ethereum may decline towards the $1,820 support area in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now close to the 50 level.

Key Support Level – $1,930

Key Resistance Level – $2,000

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