Ethereum price started a new decline below $1,865. ETH is now recovering losses of $1,800 and could struggle to recover above $1,925 or $1,950.
- Ethereum started a recovery wave from the $1,800 zone.
- The price is trading above USD 1,900 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $1,935 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $1,950 zone.
Ethereum price attempts recovery
The price of Ethereum did not remain above $1,880 and started a new decline, just like Bitcoin. ETH price traded below the USD 1,850 and USD 1,820 levels to enter a bearish zone.
Finally, the bulls appeared around $1,800. A low was formed at $1,793, and the price staged a small recovery wave. There was a move above the $1,900 level and the 50% Fib retracement level of the downward move from the $1,995 swing high to the $1,793 low.
Ethereum price is now trading above $1,900 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,880, the price could rise again. Immediate resistance is seen around the $1,925 level.
The first major resistance is near the $1,950 level and the 76.4% Fib retracement level of the downward move from the $1,995 swing high to the $1,793 low. A bearish trendline is also forming with resistance at $1,935 on the hourly chart of ETH/USD. The next major resistance is around the $1,965 level.
A clear move above the USD 1,965 resistance could send the price towards the USD 2,020 resistance. An upside break above the $2,020 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,120 or even USD 2,150 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 1,950 resistance, it could trigger another decline. The initial downside support is near the $1,900 level. The first major support is near the $1,870 zone.
A clear move below the USD 1,870 support could push the price towards the USD 1,845 support. Any further losses could send the price towards $1,800. The main support could be at USD 1,780.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $1,870
Major resistance level – $1,950