Ethereum price corrected gains and traded below $1,850 against the US Dollar. ETH remained stable above $1,800 and is currently attempting a fresh increase.
- Ethereum started a downside correction below the $1,880 support zone.
- The price is trading near $1,850 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise again if it stays above the $1,860 and $1,850 support levels.
Ethereum Price Revisits 100-Hourly SMA
Ethereum’s price started a fresh decline from the $1,925 resistance zone. ETH declined below the $1,880 level to move into a short-term zone, similar to Bitcoin.
The price tested the $1,820 support zone. A low is formed at $1,825 and the price started a fresh increase. The bulls were able to pump above the $1,850 resistance level and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $1,855 on the hourly chart of ETH/USD.
However, the bears are active near the $1,880 level. A high is formed near $1,874 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the recent increase from the $1,825 swing low to the $1,874 high.
Ether’s price is now trading near $1,850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,880 level. The next major resistance is near the $1,925 zone.
Source: ETHUSD on TradingView.com
A clear move above the $1,925 resistance zone might send the price toward the $1,965 resistance. The next major resistance might be $2,000. Any more gains could set the pace for a test of the $2,120 resistance.
Fresh Decline in ETH?
If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level or the 50% Fib retracement level of the recent increase from the $1,825 swing low to the $1,874 high.
The next major support is near the $1,820 zone, below which ether price might decline toward the $1,765 level. The next key support is near the $1,740 zone. If there is a break below $1,740, the price might extend its decline toward $1,680.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,825
Major Resistance Level – $1,880
