"Ethereum Price Rebounds, Upsides Limited"
Ethereum price is attempting a recovery wave from the $1,835 zone against the US Dollar. ETH could start a steady increase if it clears the $1,860 resistance.
Ethereum is trading in a range below the $1,860 and $1,880 resistance levels.
The price is trading below $1,850 and the 100-hourly Simple Moving Average.
There was a break below a short-term rising channel with support near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could drop again if it stays below the $1,860 resistance.
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Ethereum Price Turns Red
Ethereum faced difficulty in surpassing the $1,860 resistance zone and subsequently experienced a decline. The cryptocurrency settled below the $1,850 level, entering a bearish zone similar to Bitcoin.
On the hourly chart of ETH/USD, a short-term rising channel with support near $1,845 was broken. The pair tested the $1,830 zone, and a low was formed near $1,833. However, the price is now attempting a recovery wave and has moved above the $1,840 level.
The price traded above the 23.6% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. Currently, Ether is trading below $1,850 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $1,850 level, followed by the 50% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. The first major resistance is near the $1,860 level, with the next key resistance near the $1,880 level.
A close above the $1,880 level could send the price toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120. "Ethereum Price Rebounds, Upsides Limited"
More Losses in ETH?
If Ethereum fails to clear the $1,860 resistance, it could continue to move down. Initial support on the downside is near the $1,835 level or the recent low.
The first major support is near the $1,820 zone. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,780 support level. Any more losses might send the price toward the $1,720 level in the near term.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,820
Major Resistance Level – $1,860
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.