Ethereum price is slowly moving higher from $1,840 against the US Dollar. ETH is still facing strong 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 bearish trend line with resistance near $1,850 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to clear the $1,875 and $1,880 resistance levels.
Ethereum Price Starts Consolidation
Ethereum’s 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% Fib retracement level of the swing move from the $1,935 high to the $1,812 low. Besides, there was a break above a major bearish trend 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. The next resistance sits near $1,875 or the 100-hourly Simple Moving Average or the 50% Fib retracement level of the swing move from the $1,935 high to the $1,812 low.
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The next key resistance might be near the $1,920 level. A close above the $1,920 resistance zone could start a decent increase in Ethereum and the price might rise toward the $1,975 resistance. Any more gains might send the price toward the $1,950 resistance.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,875 resistance, it could start another decline. Initial support on the downside is near the $1,820 level or the recent low.
The next major support is near the $1,800 zone. If there is a downside break and a close below $1,800, the bears could gain strength. In the stated case, the price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,650 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $1,800
Major Resistance Level – $1,875
