Ethereum's Price Recovery Stalls at $1,920 Resistance

Ethereum's recent price recovery has been capped, with bulls struggling to overcome resistance levels. The cryptocurrency failed to surpass the $2,000 mark and has since been consolidating, facing significant hurdles near the $1,920 resistance. This decline began when Ethereum started a fresh descent from the $2,020 resistance, mirroring Bitcoin's movement. The price dropped below the $2,000 support, entering a bearish zone.

The bears gained momentum, pushing the price below the $1,820 support. However, bulls intervened near the $1,750 zone, forming a low at $1,753. Since then, the price has been correcting losses, moving above the $1,780 and $1,850 resistance levels. Ethereum cleared the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,753 low, but it is still trading below $1,950 and the 100-hourly Simple Moving Average.

On the upside, Ethereum faces resistance near the $1,890 level, with a short-term bearish trend line forming at this point on the hourly chart of ETH/USD. The next key resistance is near the $1,920 level. The first major resistance is near the $1,950 level and the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,753 low. A clear move above the $1,950 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance could lead to further gains, potentially reaching the $2,120 resistance zone or even $2,250 in the near term.

However, if Ethereum fails to clear the $1,890 resistance, it could start another decline. Initial support on the downside is near the $1,845 level, with the first major support sitting near the $1,800 zone. A clear move below the $1,800 support might push the price toward the $1,750 support. Any further losses might send the price toward the $1,720 support level in the near term, with the next key support at $1,650.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 zone. The major support level is at $1,800, with the major resistance level at $1,890. These indicators point to a cautious outlook for Ethereum's price movement in the near future, with bulls needing to overcome significant resistance levels to drive further gains.