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Ethereum price recovered losses and traded above $1,860 against the US Dollar. ETH needs to clear $1,920 to start a strong rise in the near term.
- Ethereum is showing positive signs above the $1,860 level.
- The price is trading well above the $1,850 and 100 hourly simple moving averages.
- There was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may still struggle to clear the $1,920 resistance area.
Ethereum Price Minimizes Losses
After a major decline, Ethereum price found support near the $1,775 area. ETH formed a base and started a fresh increase above the $1,800 resistance area, similar to bitcoin.
There was a clear move above the $1,840 and $1,850 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD. A high was formed near $1,898 and the price is now consolidating gains.
Ether is now trading above $1,850 and the 100 hourly simple moving average. It was also above the 23.6% Fib retracement level of the recent rise from the $1,777 low to $1,898 high.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $1,900 area. The next major resistance is near the $1,920 level (multi-touch zone). A reasonable move above the $1,900 and $1,920 resistance levels could send ether towards $1,950. The next resistance sits near the $2,000 level, above which Ethereum could continue to rise to $2,040. Any further gains above the $2,040 resistance area could send the price towards the $2,120 resistance.
Fresh decline in ETH?
If Ethereum fails to overcome the $1,900 resistance, it could start another decline. An initial support on the downside is near the $1,860 level and the 100 hourly simple moving average.
The next major support is near the $1,840 area or the 50% Fib retracement level of the recent rise from the $1,777 low to $1,898 high. If there is a break below the $1,840 support, the price could decline further towards the $1,800 support. Any further losses in the coming sessions could probably send the price towards the $1,775 level or even $1,740.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is above the 50 level.
Key Support Level – $1,840
Major Resistance Level – $1,920
