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