Ethereum price is struggling to clear the $1,850 and $1,880 resistance levels against the US Dollar. ETH could start a decent increase unless there is a close below $1,800.
- Ethereum is currently moving lower from the $1,880 resistance zone.
- The price is trading below $1,850 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a move above the $1,840 and $1,880 resistance levels.
Ethereum Price Faces Hurdles
Ethereum’s price attempted a decent increase above the $1,850 resistance zone. However, ETH faced a strong rejection near the $1,880 zone, similar to Bitcoin.
The price declined sharply below the $1,850 level. It traded as low as $1,792 before recovering to $1,865. A high is formed near $1,865 and the price is now moving lower. It traded below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,865 high.
Ether is now trading below $1,850 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,835 level. The next resistance sits near $1,840, above which Ethereum could test the 100-hourly Simple Moving Average. The main resistance is now forming near the $1,880 level. A close above the $1,880 resistance zone could start a decent increase toward the $1,920 resistance. Any more gains might send the price toward the $1,975 resistance.
Downside Break in ETH?
If Ethereum fails to clear the $1,840 resistance, it could continue to move down. Initial support on the downside is near the $1,820 level or the 61.8% Fib retracement level of the upward move from the $1,792 swing low to the $1,865 high.
The next major support is near the $1,800 zone. If there is a downside break and a close below $1,800, the price could decline heavily. In the stated case, the price might drop toward the $1,740 support zone. Any more losses may perhaps take the price toward the $1,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,800
Major Resistance Level – $1,840
Credit: Source link
