Ethereum Price Lacks Momentum, But ETH Holders Are Safe: Here’s Why

Ethereum price is consolidating below the $1,900 resistance against the US dollar. ETH could attempt another increase unless there is a close below USD 1,825.

• Ethereum is trading in a range above the USD 1,850 level.
• The price is trading above $1,870 and the 100-hour Simple Moving Average.
• A major bearish trendline is forming with resistance near $1,890 on the ETH/USD hourly chart (data feed via Kraken).
• The pair could start a decent increase if it clears $1,890 and $1,900.

Ethereum price holds support

Ethereum price made another attempt to gain strength above USD 1,900. However, ETH failed to break above the USD 1,900 resistance and remained within a range similar to Bitcoin.

There was a bearish reaction below USD 1,880. A low is formed near USD 1,862 and the price is now moving higher. There was a break above the USD 1,880 level. The price climbed above the 50% Fib retracement level from the recent drop from the $1,905 swing high to the $1,862 low.

Ether is now trading above USD 1,870 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,890 level. A major bearish trendline is also forming with resistance near $1,890 on the ETH/USD hourly chart.

Source: ETHUSD at TradingView.com

The trendline is close to the 61.8% Fib retracement level from the recent drop from the $1,905 swing high to the $1,862 low. The first major resistance is near the $1,900 zone. A close above the USD 1,900 resistance could start a decent rise towards USD 1,955. The next major resistance is near the $1,975 level. Any further gains could send Ether towards the $2,050 resistance.

Another drop in ETH?

If Ethereum fails to clear the $1,900 resistance, it could start a fresh decline. The first support on the downside is near the $1,870 level or the 100-hour Simple Moving Average.

There is also a contiguous bullish trendline at $1,870. The first major support is near the $1,845 level, below which the price might revise the key support at $1,825. The next major support is near the $1,770 level. More losses could send Ether towards the $1,720 support level in the near term.

Technical indicators

MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,845

Major resistance level – $1,900