ethereum price started a downward correction from the high of $1,866 against the US dollar. eth must hold above the $1,750 support to start a new rise.
- ethereum failed to gain strength above $1,850 and corrected lower.
- The price is trading above $1,750 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support near $1,810 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend its decline if it fails to hold above the $1,750 support.
ethereum price signals a downward correction
ethereum attempted a fresh rise above the $1,820 level. eth even broke through the $1,850 resistance, but the upside was limited. The price reached $1,866 and recently began a downward correction, like bitcoin.
There was a move below the $1,810 and $1,800 levels. Additionally, there was a break below a key uptrend line with support near $1,810 on the hourly chart of eth/USD. The pair traded near the $1,750 support before the bulls emerged.
A low is formed near $1,763 and the price is now consolidating. It is trading near the 23.6% Fibonacci retracement level of the downside correction from the high of $1,866 to the low of $1,763.
ethereum is now trading above $1,750 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,815 level. It is close to the 50% Fibonacci retracement level of the downside correction from the high of $1,866 to the low of $1,763.
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Fountain: ETHUSD on TradingView.com
The first major resistance is near the $1,850 area. A close above the $1,850 resistance could start a decent rise. In the indicated case, Ether could surpass $1,865 and test $1,920. The next key resistance is near $1,950, above which the price could accelerate higher. In the indicated case, the price could rise towards the $2,000 level.
More losses on eth?
If ethereum fails to overcome the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,765 level.
The next key support is $1,750 and the 100 hourly simple moving average. A downside break below the $1,750 support could push the price down further. In the indicated case, Ether could fall towards the $1,700 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $1,750
Main Resistance Level: $1,815