Ethereum price is attempting a recovery wave from the $1,835 zone against the US dollar. ETH could start a steady rise if it clears the $1,860 resistance.
- Ethereum is trading in a range below the $1,860 and $1,880 resistance levels.
- The price is trading below $1,850 and the 100-hour Simple Moving Average.
- There was a break below a near-term ascending channel with support near $1,845 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop again if it stays below the USD 1,860 resistance.
Ethereum price turns red
The price of Ethereum struggled to break through the $1,860 resistance zone and started another decline. ETH settled below the USD 1,850 level to move into a bearish zone, similar to Bitcoin.
There was a break below a near-term ascending channel with support near $1,845 on the ETH/USD hourly chart. The pair tested the $1,830 zone. A low is forming near USD 1,833 and the price is now attempting a recovery wave. There was a move above the $1,840 level.
The price was trading above the 23.6% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. Ether is now trading below $1,850 and the 100-hour Simple Moving Average.
On the upside, immediate resistance is near the $1,850 level. It is near the 50% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. The first major resistance is near the USD 1,860 level. The next key resistance is near the $1,880 level.
Source: ETHUSD at TradingView.com
A close above the $1,880 level could send the price towards $1,920. More gains could send the price towards the $2,000 hurdle, above which the price could rise to the $2,040 level or even $2,120.
Lose more in ETH?
If Ethereum fails to clear the $1,860 resistance, it could drop further. The initial support on the downside is near the $1,835 level or the recent low.
The first major support is near the $1,820 zone. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,780 support level. Any more losses could send the price towards the $1,720 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,820
Major resistance level – $1,860