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 USD 1,875 level.
- The price is trading below $1,920 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,910 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a steady rise if it crosses the $1,915 and $1,940 resistance levels.
Ethereum price holds support
Ethereum price held steady above the $1,875 support zone. ETH bulls appear to be active above the USD 1,875 level and protecting more losses similar to Bitcoin.
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. A major bearish trendline is also forming with resistance near $1,910 on the ETH/USD hourly chart.
Ether is now trading below $1,920 and the 100-hour Simple Moving Average. On the upside, immediate resistance is near the $1,910 level and trendline. It is close to the downward movement of the 23.6% Fib retracement level 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 begin a steady rise.
Source: ETHUSD at TradingView.com
The next major resistance is near the $2,030 level. Any further gains could send Ether towards the $2,120 resistance in the near term.
Lose more in ETH?
If Ethereum fails to clear the $1,915 resistance, it could start a fresh decline. The first support on the downside is near the $1,885 level.
The first major support is near the $1,875 level below which the price is accelerating 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. More losses could open the door for a move to the near-term $1,720 support level.
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 below the 50 level.
Major Support Level – $1,875
Major resistance level – $1,915