Ethereum price corrected gains and traded below $1,850 against the US Dollar. ETH remained stable above $1,800 and is currently attempting a fresh increase.
- Ethereum started a downside correction below the $1,880 support zone.
- The price is trading near $1,850 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again if it stays above the $1,860 and $1,850 support levels.
Ethereum Price Revisits 100-Hourly SMA
Ethereum’s price started a fresh decline from the $1,925 resistance zone. ETH declined below the $1,880 level to move into a short-term zone, similar to Bitcoin.
The price tested the $1,820 support zone. A low is formed at $1,825 and the price started a fresh increase. The bulls were able to pump above the $1,850 resistance level and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $1,855 on the hourly chart of ETH/USD.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level or the 50% Fib retracement level of the recent increase from the $1,825 swing low to the $1,874 high.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,825 Major Resistance Level – $1,880