Ethereum price recouped losses and traded above $1,860 against the US Dollar. ETH needs to liquidate $1,920 to start a sharp rise anytime soon.
- Ethereum is showing positive signs above the $1,860 level.
- The price is trading above $1,850 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could still struggle to clear the $1,920 resistance zone.
Ethereum price cuts losses
Ethereum price found support near the $1,775 zone after a major drop. ETH formed a base and started a new rise above the $1800 resistance zone, similar to Bitcoin.
There was a clear move above the $1,840 and $1,850 resistance levels. Additionally, there was a break above a key downtrend line with resistance near $1,865 on the hourly chart of ETH/USD. A high is 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 is also above the 23.6% Fibonacci retracement level of the recent rise from the $1,777 low to $1,898 high.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,900 area. The next major resistance is near the $1920 level (a multi-touch area). A proper move above the $1,900 and $1,920 resistance levels could send Ether towards $1,950. The next resistance is near $2,000, above which Ethereum could rally as high as $2,040. Further gains above the $2,040 resistance zone could send the price looking towards the $2,120 resistance.
New drop in ETH?
If Ethereum fails to clear the $1,900 resistance, another slide could begin. 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 zone or the 50% Fibonacci retracement level of the recent rise from the $1,777 low to $1,898 high. If there is a break below the $1840 support, the price could drop towards the $1800 support. Any further losses could perhaps send the price looking towards the $1,775 level or even $1,740 over the next few sessions.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is above the 50 level.
Major Support Level: $1,840
Highest Resistance Level: $1,920
