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Ethereum price attempted a recovery wave above the $1,880 level but failed. ETH is now trimming all gains and remains below the $1,880 resistance zone.
- Ethereum failed to stay above the $1,850 and $1,880 levels.
- The price is trading below $1,850 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $1,865 and $1,890 resistance levels to start a decent increase.
Ethereum Price Fails Again
Ethereum price managed to stay above the $1,800 support zone and started a recovery wave, like Bitcoin. ETH was able to climb above the $1,850 and $1,880 resistance levels.
The bulls even pushed the price above the $1,920 resistance zone. However, the bears are active near the $1,950 zone. A high was formed at $1,955 and the price trimmed most gains. There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD.
A low was formed at $1,781 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.
Ethereum price is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,865 level and the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.
The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,865 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.
A clear move below the $1,780 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,780
Major Resistance Level – $1,865
