breaching various resistance levels. Nevertheless, the bullish momentum seems to be weakening, and the crypto asset is currently encountering challenges to sustain its upward trend. At present, ETH is facing difficulties in maintaining its stance and exceeding a notable resistance zone.
Ethereum's price discovered a support zone around $1,855 and subsequently surged higher against the US Dollar. The bulls for ETH appear to be targeting a clear break above the resistance level of $1,925. However, initially, the price experienced a downward correction beneath the $1,880 support level. Despite this, ETH's value found a support base close to the $1,855 level, demonstrating resilience comparable to that of Bitcoin.
Ethereum price witnessed a support area around the $1,853 mark, following which it surged against the US Dollar. The bulls for ETH are currently targeting a definitive break above the resistance level at $1,925. However, initially, the price underwent a downward correction below the support level of $1,880. Notwithstanding this correction, the value of ETH found support near the $1,850 level, reflecting strong buying interest, which is similar to the Bitcoin market.
ETH price is presently trading above $1,880 and the 100-hourly Simple Moving Average, which indicates bullish momentum. Additionally, there is a significant upward trend line forming on the hourly chart of ETH/USD, with support near $1,880, signifying a bullish bias in the market.
The immediate resistance for the ETH lies near the $1,930 zone, with the next significant resistance level located around the $1,950 zone. A close above the $1,950 resistance level could potentially initiate a strong bullish momentum. In such a scenario, the bulls may aim for a move above the key resistance level of $2,000, which could further fuel the buying sentiment and send the price towards the $2,120 resistance. The next major resistance for ETH could be around $2,200, and any further gains may lead to a test of the $2,350 resistance level.
If Ethereum fails to break above the crucial resistance level of $1,950, it could initiate another downside correction. The initial support on the downside for ETH is near the $1,880 level, which also coincides with the 100-hourly Simple Moving Average. If the price fails to hold above this support, the next major support zone is near the $1,850 level, and a break below this level could lead to a further decline towards the $1,820 level. In the worst-case scenario, if the bears manage to push the price below the $1,820 support level, the price might extend its decline towards the $1,760 support level.
According to price analysis, the market capitalization of ETH is approx at $230,958,863,933. The 24-hour trading volume is expected to be $11,010,728,008.
KEY LEVELS :
RESISTANCE LEVEL : $1,940-$1,980
SUPPORT LEVEL : $1,880-$1,840
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Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
