Ethereum is facing strong resistance at $2,020 after recovering from $1,920; the price is near a critical point.
Ethereum's Current Price Action
Ethereum's price rebounded above $1,920, clearing initial hurdles. However, it's now consolidating around the strong resistance at $2,020. The cryptocurrency formed a solid base above $1,820, similar to Bitcoin's recent price movement. The bulls managed to push the price past resistance levels of $1,880 and $1,920, gaining short-term momentum.
Key Resistance Levels for Ethereum
The $2,020 zone has proven to be a significant barrier for Ethereum, coinciding with the 50% Fibonacci retracement level from the recent downturn between $2,068 and $1,936. If ETH can clear the $2,020 resistance, the next major hurdle is at $2,040, representing the 76.4% Fibonacci retracement level. Breaking through this level could pave the way for gains toward $2,120, with further potential up to $2,150 and even $2,250.
Possible Scenarios for Ethereum's Price
With current support at around $1,980 and stronger at $1,950, failing to maintain these levels could lead to a fall toward the $1,880 support zone. If bearish pressure intensifies, further decline to $1,850 or even $1,800 is possible.
Ethereum is at a crucial level, and the upcoming sessions will be decisive in determining its short-term direction.
