The price of Ethereum has slowly increased from $1,840 against the US Dollar. ETH is still facing strong resistance near the $1,875 level and the 100-hour SMA.
- Ethereum is currently consolidating losses above the $1,820 support zone.
- The price traded below $1,875 and the 100-hour Simple Moving Average.
- There is 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 may struggle to clear the $1,875 and $1,880 resistance levels.
Ethereum Price Begins to Consolidate
The price of Ethereum remains 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 was 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 high of $1,935 to the low of $1,812. Besides, there is 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-hour Simple Moving Average. Immediate resistance near the $1,860 level. The next resistance sits near $1,875 or the 100-hour Simple Moving Average or the 50% Fib retracement level of the swing move from the $1,935 high to the $1,812 low.
Source: ETHUSD on TradingView.com
The next key resistance will be near the $1,920 level. A close above the $1,920 resistance zone may start a decent rise in Ethereum and the price may rise to the $1,975 resistance. Any further gains could send the price to the $1,950 resistance.
New ETH Decline?
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 may gain strength. In the stated case, the price may fall to the $1,720 support zone. Any further losses could take the price towards the $1,650 level in the near term.
Technical Signs
Hourly MACD – The MACD for ETH/USD is currently 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