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Home»Analysis»Ethereum Price See “Liftoff” If It Can Hold One Crucial Level
Analysis

Ethereum Price See “Liftoff” If It Can Hold One Crucial Level

2023-05-11No Comments3 Mins Read
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Ethereum price is struggling to clear the $1,850 and $1,880 resistance levels against the US Dollar. ETH could start a decent increase unless it closes below $1,800.

  • Ethereum is currently moving lower off the $1,880 resistance zone.
  • The price is trading below $1,850 and the 100-hour Simple Moving Average.
  • A major bearish trendline is forming with resistance near $1,840 on the ETH/USD hourly chart (data feed via Kraken).
  • The pair could start a decent increase if there is a move above the USD 1,840 and USD 1,880 resistance levels.

Ethereum price faces hurdles

Ethereum price attempted to make a decent gain above the $1,850 resistance zone. However, ETH faced a strong rejection near the $1,880 zone, similar to Bitcoin.

The price dropped sharply below the $1,850 level. It traded as low as $1,792 before recovering to $1,865. A high is formed near $1,865 and the price is now moving lower. It traded below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,865 high.

Ether is now trading below $1,850 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,840 on the ETH/USD hourly chart.

Ethereum price

Source: ETHUSD at TradingView.com

Immediate resistance is near the $1,835 level. The next resistance is near USD 1,840, above which Ethereum could test the 100-hour Simple Moving Average. The main resistance is now forming around the USD 1,880 level. A close above the $1,880 resistance zone could start a decent rise towards the $1,920 resistance. More gains could push the price towards the $1,975 resistance.

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Interruption in ETH?

If Ethereum fails to clear the $1,840 resistance, it could drop further. The initial support on the downside is near the $1,820 level or the 61.8% Fib retracement level of the upward move from the $1,792 swing low to the $1,865 high.

The next major support is near the $1,800 zone. If there is a downside break and closes below $1,800, the price could drop sharply. In the said case, the price may decline towards the $1,740 support zone. More losses may push the price to the $1,650 level in the near term.

Technical indicators

MACD per hour – The MACD for ETH/USD is now gaining momentum in the bearish zone.

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

Major Support Level – $1,800

Major resistance level – $1,840

Source link

crucial Ethereum hold level Liftoff Price
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