Ethereum price is slowly moving up from $1,840 against the US Dollar. ETH is still facing stiff resistance near the $1,875 level and the 100 hourly SMA.
- Ethereum is currently consolidating losses above the $1,820 support zone.
- The price is trading below $1,875 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,850 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might struggle to break above the $1875 and $1880 resistance levels.
Ethereum price begins to consolidate
Ethereum price remained in a bearish zone, the $1,875 support zone. ETH tested the $1,810 zone and recently started a consolidation phase, similar to Bitcoin.
A low is formed near $1,812 and the price is slowly moving higher in a range. It traded above the 23.6% Fibonacci retracement level of the swing move from the $1,935 high to $1,812 low. Additionally, there was a break above a major downtrend line with resistance near $1,850 on the hourly chart of ETH/USD.
However, Ether is still trading below $1,875 and the 100 hourly simple moving average. Immediate resistance is near the $1,860 level. Next resistance lies near $1,875 or the 100-hour simple moving average or the 50% Fibonacci retracement level of the swing move from the $1,935 high to $1,812 low.
Fountain: ETHUSD on TradingView.com
The next key resistance could be near the $1920 level. A close above the $1920 resistance zone could start a decent rally in Ethereum and the price could rally towards the $1975 resistance. More gains could send the price towards the $1,950 resistance.
New drop in ETH?
If Ethereum fails to clear the resistance at $1,875, another slide could begin. Initial support on the downside is near the $1820 level or the recent low.
The next big support is near the $1,800 area. If there is a break down and a close below $1800, the bears could gain strength. In the indicated case, the price could fall towards the support zone of $1,720. Any further losses could send the price looking towards the $1,650 level in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is now losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is still below the 50 level.
Major Support Level: $1,800
Highest Resistance Level: $1,875
