Ethereum Faces Resistance at $1,920 After 9% Surge

Ethereum's price has recently shown signs of recovery, surging from the $1,750 mark. However, the cryptocurrency is now encountering resistance around the $1,920 level, raising questions about the sustainability of its upward momentum. Ethereum successfully breached the $1,800 and $1,820 resistance levels, with bulls driving the price above $1,880. Despite this, bears have been active near the $1,920 resistance zone, indicating a potential stall in the recovery.

The current price of Ethereum is trading below $1,950 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term bearish trend line is forming with resistance at $1,920. The next significant resistance level is near $1,950, or the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low. If Ethereum can surpass the $1,920 and $1,950 resistance levels, it could initiate a more substantial increase, potentially reaching the $2,000 resistance level. A clear move above $2,000 might propel the price toward the $2,060 resistance, with further gains possible up to the $2,120 or even $2,250 resistance zones in the near term.

Conversely, if Ethereum fails to overcome the $1,920 resistance, it could experience another decline. Initial support on the downside is near the $1,850 level, with the first major support sitting near the $1,800 zone. A clear move below $1,800 might push the price toward the $1,750 support, with further losses potentially sending the price toward the $1,720 support level. The next key support sits at $1,650. Technical indicators, such as the Hourly MACD and RSI, suggest a bearish momentum in the short term, with the MACD losing momentum in the bearish zone and the RSI above the 50 zone. The major support level is at $1,800, while the major resistance level is at $1,920.