Ethereum price started a new downtrend and traded below the $1850 level. At present, ETH is now recovering from the losses and it may face some challenges near the $1,850 level.
- Ethereum is trying continuously to recover and move higher above the $1,980 level.
- At present the price is now trading under $1,860 and also under the 100-hourly Simple Moving Average.
- At $1,810 on the hourly chart of the ETH/USD, there is a linked bearish trend line that forms with resistance.
- To start a normal increase, the pair wants to pass the $1,850 and $1,880 resistance levels.
Ethereum Price Attempts Recovery
Ethereum price has failed to respond to prices higher than $2,050 and started another decline, like Bitcoin. ETH rejected the $1,880 and $1,850 support levels.
The pair tested the $1,765 zone. The low was made at $1,767, and the price is currently trying to bounce back. The price was a move greater than the $1,800 resistance. The price has passed the 23.6% Fib retracement level of the current decrease from the $2,033 high to the $1,767 low.
At $1,810 on the hourly chart of the ETH/USD, there is a linked bearish trend line that forms with resistance. At present the price is now trading under $1,860 and also under the 100-hourly Simple Moving Average.
On the upper side, the price may experience resistance close to the $1,850 level, and the next key resistance is close to the $1,860 level. The first largest resistance is close to the $1,900 level, and 50% of the Fib retracement level is in a downward direction, and it moves from the $2,033 high to the $1,767 low.
A clear move above the $1,900 resistance may send the price towards the $2,200 resistance. An upside movement of the $2,000 resistance may go for more profit in the upcoming sessions. In the stated case, Ether will grow towards the $2,050 resistance zone or even $2,120 in the short term.
Another Decline In ETH?
If Ethereum fails to pass the $1,850 resistance zone, then it will start another drop. The first support on the downside is close to the $1,800 level, and the next support is close to the $1,780 zone.
A clear move under the $1,780 support may push the price close to the $1,765 support. If the price continues to decrease in the direction of the $1,710 support level in the short term. The upcoming key support is close to $1,665.
ETH Technical Analysis
Hourly RSI (Relative Strength Index) – The RSI for ETH/USD is currently greater than the 50 zone.
Hourly MACD (Moving Average Convergence Divergence) – The MACD for ETH/USD currently shows a decreasing momentum in the bearish zone.
- $1,800 – Major Support Level
- $1,850 – Major Resistance Level
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