Ethereum Price Could Avoid More Downsides If It Closes Above One Key Level – NewsBTC
Ethereum price is struggling to clear the $1,885 zone against the US Dollar. ETH could start a decent recovery if there is a close above $1,885 and $1,900.
Ethereum’s price attempted a short-term recovery wave above the $1,850 zone. ETH was able to recover above the $1,855 and $1,870 levels, similar to Bitcoin.
However, the bears protected more upsides above the $1,885 resistance zone. A high was formed near $1,887 and the price reacted to the downside. There was a drop below the $1,870 level and the 100-hourly Simple Moving Average.
Ether declined below the 50% Fib retracement level of the recovery wave from the $1,832 swing low to the $1,887 high. It is now trading below $1,870 and the 100-hourly Simple Moving Average.
There is also a major bullish trend line forming with support near $1,858 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recovery wave from the $1,832 swing low to the $1,887 high.
On the upside, immediate resistance is near the $1,870 level and the 100 hourly SMA. The first major resistance is near the $1,885 level. The next key resistance is near the $1,900 level, above which the price might rise toward the $1,920 resistance.
Source: ETHUSD on TradingView.com
A close above the $1,920 resistance could start a steady increase. The next resistance is near the $1,975 zone, above which the price might rise toward the $2,000 hurdle.
If Ethereum fails to clear the $1,885 resistance, it could continue to move down. Initial support on the downside is near the $1,855 level and the trend line.
The first major support is near the $1,850 zone, below which the price might revisit the $1,830 zone. The next major support is near the $1,780 support level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,900
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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