Ethereum price is attempting a fresh increase from $1,825 against the US Dollar. ETH could rally if there is a clear move above the $1,900 resistance.
Ethereum is currently attempting a recovery wave above the $1,855 zone.
The price is trading above $1,865 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if there is a close above $1,900.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
Ethereum's price has reached a crucial turning point, with $1,900 being the key level to watch. Ethereum Price Revisits Resistance
Ethereum's price has maintained stability above the support level of $1,825. It has shown a slow recovery wave and has been able to climb a few points higher than $1,850, similar to Bitcoin. The bulls have pushed the price above the 100-hourly Simple Moving Average, breaking the 50% Fib retracement level of the key decline from the $1,955 swing high to the $1,825 low. However, the bears have been active near the $1,900 resistance zone, where there is also a major bearish trend line forming with resistance near $1,900 on the hourly chart of ETH/USD. Ether is currently trading above $1,865 and the 100-hourly Simple Moving Average. The immediate resistance is near the $1,890 level, with the first major resistance near the $1,900 zone and the trend line. The trend line is close to the 61.8% Fib retracement level of the key decline from the $1,955 swing high to the $1,825 low. Ethereum's price has reached a crucial turning point, with $1,900 being the key level to watch.
If the $1,900 resistance is surpassed, it could lead to a substantial increase towards $1,975. The following major resistance is located around the $2,000 level, and further gains could potentially drive Ether towards the $2,050 resistance or even $2,120.
Another Rejection in ETH?
In the event that Ethereum is unable to surpass the $1,900 resistance, it may experience a subsequent decrease. The initial support on the downside is located near the $1,865 level or the 100-hourly Simple Moving Average.
The first significant support is situated near the $1,825 level, and if it fails to hold, there is a possibility of a more substantial decline. The next major support is located near the $1,740 level. Further losses may lead Ether towards the $1,720 support level in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is 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 – $1,900
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.