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Home»Analysis»Ethereum price regains strength, but key downtrend resistance intact
Analysis

Ethereum price regains strength, but key downtrend resistance intact

2023-06-07No Comments3 Mins Read
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Ethereum price recovered losses and traded above $1,860 against the US dollar. ETH needs to clear USD 1,920 to start a strong rise in the near term.

  • Ethereum is showing positive signs above the USD 1,860 level.
  • The price is trading above $1,850 and the 100-hour Simple Moving Average.
  • There was a break above a key bearish trendline with resistance near $1,865 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could still struggle to break the $1,920 resistance zone.

Ethereum Price Cuts Losses

The price of Ethereum found support near the $1,775 zone after a major drop. ETH formed a base and started another rise above the $1,800 resistance zone, similar to Bitcoin.

There was clear movement above the $1,840 and $1,850 resistance levels. In addition, there was a break above a key bearish trendline with resistance near USD 1,865 on the ETH/USD hourly chart. A high is formed near $1,898 and the price is now consolidating gains.

Ether is now trading above USD 1,850 and the 100-hour Simple Moving Average. It is also above the 23.6% Fib retracement level from the recent rise from the $1,777 swing low to the $1,898 high.

Ethereum price

Source: ETHUSD at TradingView.com

Immediate resistance is near the $1,900 zone. The next major resistance is near the $1,920 level (a multi-touch zone). A good move above the $1,900 and $1,920 resistance levels could send Ether to $1,950. The next resistance is near USD 2,000, above which Ethereum could rise towards USD 2,040. More gains above the $2,040 resistance zone could push the price towards the $2,120 resistance.

See also  Bitcoin Continues Downtrend While Showing a Bearish Signal, Says Crypto Trader – Here Are His Targets

New Decline in ETH?

If Ethereum fails to clear the $1,900 resistance, it could start a fresh decline. Initial support on the downside is near the $1,860 level and the 100-hour Simple Moving Average.

The next key support is near the $1,840 zone or the 50% Fib retracement level from the recent rise from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could drop towards the $1,800 support. More losses may perhaps send the price towards the $1,775 or even $1,740 level in the coming sessions.

Technical indicators

MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is above the 50 level.

Major Support Level – $1,840

Major resistance level – $1,920

Source link

Downtrend Ethereum intact Key Price regains Resistance strength
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