Ethereum price is attempting another $1,825 hike against the US dollar. ETH could rally if there is a clear move above the USD 1,900 resistance.
- Ethereum is currently attempting a recovery wave above the $1,855 zone.
- The price is trading above $1,865 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,900 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a decent increase if there is a close above USD 1,900.
Ethereum price revisiting resistance
Ethereum price held steady above the $1,825 support zone. ETH started a slow recovery wave and managed to climb a few points higher above USD 1,850, similar to Bitcoin.
The bulls were able to push the price above the 100-hour Simple Moving Average. The price broke the 50% Fib retracement level of the main drop from the $1,955 swing high to the $1,825 low. However, the bears were seen active near the $1,900 resistance zone.
A major bearish trendline is also forming with resistance near $1,900 on the ETH/USD hourly chart. Ether is now trading above $1,865 and the 100-hour Simple Moving Average.
Immediate resistance is near the $1,890 level. The first major resistance is near the $1,900 zone and the trendline. The trendline is close to the 61.8% Fib retracement level of the main drop from the $1,955 swing high to the $1,825 low.
Source: ETHUSD at TradingView.com
A close above the USD 1,900 resistance could start a decent rise towards USD 1,975. The next major resistance is near the $2,000 level. Any further gains could send Ether towards the $2,050 resistance or even $2,120.
Another rejection 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 $1,865 level or the 100-hour Simple Moving Average.
The first major support is near the $1,825 level, below which there is a risk of a larger decline. The next major support is near the $1,740 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 – $1,825
Major resistance level – $1,900