Ethereum gained support close to $1,760. The US dollar corrected lower against Ethereum. ETH currently faces major resistance close to $1850 and $1880.
- Ethereum trades above $1,800 and slowly moves higher.
- The current price trades below $1,880.
- On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $1,905 (data feed via Kraken).
- The pair could begin a decline again if there’s a clear move higher than $1,880, $1,920.
Ethereum Price Faces Resistance
Ethereum continued to fall below the $1850 support zone. The Ethereum spiked even below $1,800 just before the bulls appeared in the $1,760 area.
Near $1,762, a low was reached and prices began to recover. The resistance of $1,800 was breached and the price rose above it. Even higher, the price moved over the 23.6% Fib Retracement level, which is the lowest point of the downward movement from $2,015 swing high, to $1,762 low.
The bears, however, are protecting greater gains than the $1,850 mark. The 100-hourly simple moving average and $1,880 are also below it.
Positively, the first resistance is located near the $1860 level. Near the $1,880 area is the next significant resistance. This is close to the 50% Fib Retracement level for the downward movement from the $2,000.15 swing high and $1.762 low.
Source: TradingView.com, ETHUSD
A major bearish trend line is also in place with resistance close to $1,905 at the hourly chart. If the price moves above this trend line, the $1920 resistance could trigger a substantial increase. If the case is true, then the price might rise above $1,920 and possibly reach $2,000.
New Decline in the ETH
Ethereum could experience a further decline if it fails to rise above $1,920. The $1,800 area is the initial support for the downside.
Near the $1,760 mark is the next significant support. An obvious move below $1,760 could trigger a significant decline. 1.720 could be the next support level. If the market loses more, it could push the price down towards $1,650 in the immediate future.
Technical Indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI is struggling to surpass 50 for ETH/USD.
Major Support Level – $1,760
Major Resistance Level – $1,920