Ethereum price is trading above the $1,875 support zone against the US Dollar. ETH could start a decent rise if it breaches the $1,915 resistance zone.
- Ethereum is consolidating above the $1,875 level.
- The price is trading below $1,920 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady rise if it breaks above the $1,915 and $1,940 resistance levels.
Ethereum price maintains support
Ethereum price was stable above the $1875 support zone. ETH bulls appear to be active above the $1875 level and protecting further losses, similar to Bitcoin.
The price was able to rally a few points above the $1,890 level. However, the bears are active near the $1900 pivot level. There is also a major downtrend line forming with resistance near $1,910 on the hourly chart of ETH/USD.
Ether is now trading below $1,920 and the 100 hourly simple moving average. To the upside, immediate resistance is near the $1910 level and the trend line. It is close to the down move of the 23.6% Fibonacci retracement level from the $2,027 high to $1,875 low.
The first major resistance is near the $1,945 level or the downward move of the 50% Fibonacci retracement level from the $2,027 high to $1,875 low, above which price could start a steady rise.
Fountain: ETHUSD on TradingView.com
The next major resistance is near the $2,030 level. More gains could send Ether towards the $2,120 resistance in the near term.
More losses in ETH?
If Ethereum fails to clear the resistance at $1,915, a new decline could start. Initial support on the downside is near the $1,885 level.
The first major support is near the $1,875 level, below which the price accelerates to the downside. The next major support is near the $1,825 support level. If the bulls fail to protect the $1825 support, there could be a drop to $1770. More losses could open the doors for a move towards the support level of $1,720 in the near term.
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 now below the 50 level.
Major Support Level: $1,875
Highest Resistance Level: $1,915
