Ethereum price is consolidating below the $1,900 resistance against the US Dollar. ETH could attempt another rise unless there is a close below $1,825.
- Ethereum is trading in a range above the $1,850 level.
- The price is trading above $1,870 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rise if it breaks above $1,890 and $1,900.
Ethereum price maintains support
Ethereum price made another attempt to gain strength above $1,900. However, ETH failed to establish itself above the $1900 resistance and remained in a similar range as Bitcoin.
There was a bearish reaction below $1,880. A low is formed near $1,862 and the price is now moving higher. There was a break above the $1,880 level. Price rallied above the 50% Fib retracement level of the recent drop from the $1,905 high to $1,862 low.
Ether is now trading above $1,870 and the 100 hourly simple moving average. Immediate resistance is near the $1,890 level. There is also a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
The trend line is near the 61.8% Fibonacci retracement level of the recent drop from the $1,905 high to $1,862 low. The first major resistance is near the $1,900 zone. A close above the $1900 resistance could initiate a decent rally towards $1955. The next major resistance is near the $1,975 level. Further gains could send Ether towards the $2,050 resistance.
Another drop in ETH?
If Ethereum fails to clear the $1,900 resistance, another slide could begin. Initial support on the downside is near the $1,870 level or the 100 hourly simple moving average.
There is also a connecting uptrend line at $1,870. The first major support is near the $1845 level, below which the price could revisit the key support at $1825. The next big support is near the $1,770 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: $1,845
Highest Resistance Level: $1,900
