Ethereum price started a wave of recovery above the $1,780 level against the US Dollar. ETH needs to liquidate $1,820 to start a decent rise anytime soon.
- Ethereum is currently consolidating below the $1,820 resistance zone.
- The price is trading below $1,820 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,818 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rise if it breaks above the $1,820 resistance.
Ethereum Price Recovery Faces a Hurdle
Ethereum price extended its decline below the $1,800 zone. ETH even dipped below the $1,780 level before bulls appeared near $1,760, similar to Bitcoin.
A low was formed near $1,761 and the price is currently attempting a wave of recovery. It is trading above the 23.6% Fibonacci retracement level of the key decline from the $1,872 high to $1,761 low. Ether is now trading below $1,820 and the 100 hourly simple moving average.
There is also a major downtrend line forming with resistance near $1,818 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the key decline from the $1,872 high to $1,761 low.
Immediate resistance is near the $1,818 zone and the trend line. The first major resistance is near the $1,820 level. A close above the $1820 resistance could send Ether towards $1845.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $1,875, above which Ethereum could rally to $1,920. More gains above the $1,920 resistance zone could push the price towards the $2,000 resistance.
New drop in ETH?
If Ethereum fails to clear the $1,820 resistance, another bearish wave could start. Initial support on the downside is near the $1,785 level.
The next major support is near the $1,760 zone or the recent low. If there is a close below the $1,760 support, the price could start another major slide. In the indicated case, the price could fall towards the support zone of $1,700. Any further losses could perhaps send the price looking towards the $1,660 level over the next few days.
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: $1,785
Highest Resistance Level: $1,820
