Ethereum price attempted a new high from $1,825 against the US Dollar. ETH could rally if there is a clear move above the $1,900 resistance.
- Ethereum is currently testing a recovery wave above the $1,855 zone.
- The price traded above $1,865 and the 100-hour Simple Moving Average.
- There is a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair can start a decent rise if there is close to $1,900.
Ethereum Price Turns Against Resistance
Ethereum price remains firm above the $1,825 support zone. ETH started a slow recovery wave and managed to climb a few points higher than $1,850, similar to Bitcoin.
The bulls were able to push the price above the 100-hour Simple Moving Average. The price broke the 50% Fib retracement level of the key decline from the high of $1,955 to the low of $1,825. However, bears are seen active near the $1,900 resistance zone.
There is also a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD. Ether is currently trading above $1,865 and the 100-hour Simple Moving Average.
Immediate resistance near the $1,890 level. The first major resistance is near the $1,900 zone and the trend line. The trend line is near the 61.8% Fib retracement level of the key decline from the $1,955 swing high to the $1,825 low.
Source: ETHUSD on TradingView.com
A close above the $1,900 resistance could initiate a decent rise to $1,975. The next major resistance is near the $2,000 level. Any further gains could send Ether to the $2,050 resistance or even $2,120.
Another ETH Rejection?
If Ethereum fails to clear the $1,900 resistance, it may start another decline. Initial support on the downside is near the $1,865 level or the 100-hour Simple Moving Average.
The first major support is near the $1,825 level, below which there is a risk of a bigger decline. The next major support is near the $1,740 level. Any further losses could send Ether to the $1,720 support level in the near term.
Technical Signs
Hourly MACD – The MACD for ETH/USD is 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 – $1,900
