Ethereum price is slowly rising 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-hour Simple Moving Average.
- There was a break above a major bearish trendline with resistance near USD 1,850 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could struggle to clear the $1,875 and $1,880 resistance levels.
Ethereum price starts consolidation
Ethereum price remained in a bearish zone, the $1,875 support zone. ETH tested the USD 1,810 zone and recently entered a consolidation phase similar to Bitcoin.
A low is formed near $1,812 and the price slowly moves up in a range. It traded above the 23.6% Fib retracement level of the swing move from $1,935 high to $1,812 low. In addition, there was a break above a major bearish trendline with resistance near USD 1,850 on the ETH/USD hourly chart.
However, Ether is still trading below $1,875 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,860 level. The next resistance is near $1,875 or the 100-hour Simple Moving Average or the 50% Fib retracement level of the swing move from $1,935 high to $1,812 low.
Source: ETHUSD at TradingView.com
The next key resistance could be near the $1,920 level. A close above the $1,920 resistance zone could trigger a decent rise in Ethereum and the price could move towards the $1,975 resistance. More gains could push the price towards the $1,950 resistance.
New Decline in ETH?
If Ethereum fails to clear the $1,875 resistance, it could start a fresh decline. The 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 said case, the price may decline towards the $1,720 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 losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is still below the 50 level.
Major Support Level – $1,800
Major resistance level – $1,875
