Ethereum Price is Primed For a Rally And Only 1 Thing is Holding it Back

May 31, 2023 04:00 am Cryptocurrency 111

Ethereum price is correcting gains from the $1,920 resistance against the US Dollar. ETH could start a fresh rally if it clears the $1,920 and $1,930 resistance levels.

Ethereum is still struggling to clear the $1,920 resistance zone.

The price is trading above $1,880 and the 100-hourly Simple Moving Average.

There is a crucial bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a substantial decline if it breaks the $1,870 support.

Ethereum Price Reaches Key Support

Ethereum’s price started a downside correction after it failed to clear the $1,920 resistance zone. ETH corrected lower below the $1,900 level, similar to Bitcoin.

There was a move below the 23.6% Fib retracement level of the key increase from the $1,836 swing low to the $1,930 high. However, the bulls were active above the $1,870 support zone. There is also a crucial bullish trend line fo ..

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