Ethereum price is attempting a fresh rise to $1,825 against the US Dollar. ETH could rally if there is a clear move above the $1,900 resistance.
- Ethereum is currently attempting a rally above the $1,855 zone.
- The price is trading above $1,865 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rally if there is a close above $1,900.
Ethereum Price Revisits Resistance
Ethereum price was stable above the $1825 support zone. ETH started a wave of slow recovery and was able to rally a few points above $1,850, similar to Bitcoin.
The bulls were able to push the price above the 100 hourly SMA. Price broke the 50% Fib retracement level of the key decline from the $1,955 high to $1,825 low. However, the bears were seen active near the $1,900 resistance zone.
There is also a major downtrend line forming with resistance near $1,900 on the hourly chart of ETH/USD. Ether is now trading above $1,865 and the 100 hourly simple moving average.
Immediate resistance is near the $1,890 level. The first major resistance is near the $1900 zone and the trend line. The trend line is near the 61.8% Fibonacci retracement level of the key decline from the $1,955 high to $1,825 low.
Fountain: ETHUSD on TradingView.com
A close above the $1900 resistance could initiate a decent rally towards $1975. The next major resistance is near the $2,000 level. Further gains could send Ether towards the $2,050 or even $2,120 resistance.
Another ETH Rejection?
If Ethereum fails to clear the $1,900 resistance, another slide could begin. Initial support on the downside is near the $1,865 level or the 100 hourly simple moving average.
The first major support is near the $1,825 level, below which there is a risk of a bigger drop. The next major support is near the $1,740 level. Further losses could send Ether towards the $1,720 support level 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 above the 50 level.
Major Support Level: $1,825
Highest Resistance Level: $1,900
