Key Takeaways:
- Ether price is struggling to stay above the $1,840 support.
- It is following a major bearish trend line with resistance near $1,890 on the 4-hour chart.
- The price could either start a strong increase above $1,900 or dive toward $1,750.
Ethereum Price Reaches Crucial Juncture | Photo by Kanchanara on Unsplash
Ethereum’s ETH is consolidating below the $1,900 resistance. The price seems to be preparing for the next crucial move and facing many hurdles.
Ethereum Price (ETH) Approaches Next Key Break
Earlier this month, Ethereum saw a bearish reaction below the $1,900 support against the US dollar. The ETH/USD pair even traded below the $1,840 support before the bulls emerged.
A low was formed near $1,828 and the price started a consolidation phase. It corrected a few points above the $1,850 level and the 23.6% Fib retracement level of the main decline from the $1,979 swing high to the $1,828 low.
Ethereum price 4-hour price chart | Source: ETH/USD on TradingView.com
However, the bears seem to be protecting a close above the 50 Simple moving average (4 hours, blue). The price is now following a major bearish trend line with resistance near $1,890 on the 4-hour chart.
The main resistance sits near the $1,900 level. It is close to the 50% Fib retracement level of the main decline from the $1,979 swing high to the $1,828 low. A successful close above the $1,900 resistance could send Ethereum toward the $1,940 resistance.
The next major resistance is near the $1,978 high, above which the price could even surpass the $2,000 hurdle. In the stated case, the bulls might aim for a test of $2,200.
More Losses in ETH?
Conversely, Ethereum might struggle to clear the $1,890 and $1,900 resistance levels. Immediate support is seen near the $1,840 level. The next major support is near the $1,820 level. If there is a close below $1,820, there is a risk of a larger decline.
In this scenario, the price may perhaps test the $1,750 support. Any more losses below $1,750 could send the price toward the $1,680 zone.
Today’s main event is the US Initial Jobless Claims report (released by the US Department of Labor) and it could have little or no impact on Bitcoin and Ethereum. An increase of 2K is expected from 248K to 250K in the week ending July 08, 2023.
Overall, Ether’s price is approaching the next major move. If ETH climbs above the $1,900 resistance, it could start a decent increase. On the other hand, it could drop toward the $1,750 support.
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