Ethereum price is trading above the $1,875 support zone against the US Dollar. ETH could start a decent increase if it clears the $1,915 resistance zone.
Ethereum is consolidating above the $1,875 level.
The price is trading below $1,920 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if it clears the $1,915 and $1,940 resistance levels.
Ethereum Price Holds Support
The price was able to recover a few points above the $1,890 level. However, the bears are active near the $1,900 pivot level. There is also a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD.
Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,910 level and the trend line. It is close to the 23.6% Fib retracement level downward move from the $2,027 swing high to the $1,875 low.
The first major resistance is near the $1,945 level or the 50% Fib retracement level downward move from the $2,027 swing high to the $1,875 low, above which the price could start a steady increase.
Source: ETHUSD on TradingView.com
The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance in the near term.
More Losses in ETH?
If Ethereum fails to clear the $1,915 resistance, it could start a fresh decline. Initial support on the downside is near the $1,885 level.
The first major support is near the $1,875 level, below which the price accelerate lower. The next major support is near the $1,825 support level. If the bulls fail to protect the $1,825 support, there could be a drop to $1,770. Any more losses could open the doors for a move toward the $1,720 support level in the near term.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,875
Major Resistance Level – $1,915