Ethereum price is struggling to clear the $1,885 area against the US Dollar. If there is a close above $1,885 and $1,900, ETH could start a decent recovery.
- Ethereum is showing some bearish signs from the $1,885 resistance.
- The price is trading below $1,870 and the 100-hour simple moving average.
- There is a major bullish trend line forming with support near $1,858 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline sharply if there is a close below the $1,850 support.
Ethereum price faced rejection
Ethereum price attempted a short term recovery wave above the $1,850 area. ETH was able to recover above the $1,855 and $1,870 levels, similar to bitcoin.
However, the bears protected more gains above the $1,885 resistance area. A high was formed near $1,887 and the price reacted with a decline. There was a decline below the $1,870 level and the 100-hour simple moving average.
Ether declined below the 50% Fib retracement level of the recovery wave from the $1,832 low to $1,887 high. It is now trading below $1,870 and the 100-hour simple moving average.
There is also a major bullish trend line forming with support near $1,858 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recovery wave from the $1,832 low to $1,887 high.
On the upside, there is an immediate resistance near the $1,870 level and the 100 hourly SMA. The first major resistance is near the $1,885 level. The next major resistance is near the $1,900 level, above which the price could climb higher towards the $1,920 resistance.
Source: ETHUSD at tradingview.com
A close above the $1,920 resistance could start a sustained rise. The next resistance is near the $1,975 area, above which the price could accelerate towards the $2,000 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,885 resistance, it could continue to decline. On the downside, an initial support is near the $1,855 level and the trend line.
The first major support is near the $1,850 area, below which the price is likely to correct another $1,830 area. The next major support is near the $1,780 support level.
hourly macd , The MACD for ETH/USD is losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,850
Major Resistance Level – $1,900