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Home»EXCHANGE NEWS»Is an Ethereum price rebound at risk? Decoding the key obstacles to new growth
EXCHANGE NEWS

Is an Ethereum price rebound at risk? Decoding the key obstacles to new growth

By Crypto FlexsNovember 28, 20232 Mins Read
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Is an Ethereum price rebound at risk?  Decoding the key obstacles to new growth
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Ethereum price started a new rise from the $1,900 support. ETH currently faces resistance near $2,020 and could rise above that.

  • Ethereum found support near $1,900 and began a significant increase.
  • The price is trading above $1,980 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 $2,020.
  • A break out of the $2,020 resistance area could start a strong rally for the currency pair.

Ethereum Price Faces Hurdles

Last week, Ethereum price began a downward correction from the $2,120 resistance. ETH fell below the $2,020 and $2,000 support levels. It also surged below the support level of $1,920.

A low was formed near $1,905 and the price began a steady rise like Bitcoin. There was a move above the $1,950 and $1,980 resistance levels. The uptrend pushed the price above the 50% Fib retracement level moving downward from the $2,092 swing high to the $1,905 low.

Ethereum is currently trading above $1,980 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $2,020.

Additionally, on the hourly chart of ETH/USD, there is a major bearish trend line forming with resistance near $2,020. The trend line is near the 61.8% Fib retracement level moving down from the $2,092 swing high to the $1,905 low.

Source: ETHUSD on TradingView.com

A break above the $2,020 resistance could begin another strong rally. The next resistance level is near $2,090, 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.

Another decline in ETH?

If Ethereum fails to clear the $2,020 resistance, a new downtrend could begin. Initial support on the downside is near the $1,980 level and the 100-hourly simple moving average.

The next major support is at $1,950. The main assistance amount is $1,900. A decline below the $1,900 support could result in further losses. If indicated, Ethereum may decline towards the $1,850 support area in the near term. Any more losses could lead to a drop to the $1,800 level.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.

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

Key Support Level – $1,950

Key Resistance Level – $2,020

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