Ethereum Price Could See Downside Thrust Before Fresh Increase – NewsBTC
Ethereum price is correcting gains from the $1,880 zone against the US Dollar. ETH could spike toward $1,820 before the bulls attempt a fresh increase.
Ethereum’s price struggled to clear the $1,880 resistance zone and started a downside correction. ETH slowly moved lower below the $1,850 pivot level, similar to Bitcoin.
There was a drop below the 23.6% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high. The bears even pushed the price below the 100-hourly Simple Moving Average. Besides, there is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH/USD.
Ether is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,855 level and the channel zone.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,872 level. The next key resistance is near the $1,880 level. A close above the $1,880 level could increase the chances of a steady increase toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120.
If Ethereum fails to clear the $1,855 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level or the 50% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high.
The first major support is near the $1,830 zone or the channel lower trend line. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,800 support level. Any more losses might send the price toward the $1,720 level in the near term.
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 – $1,820
Major Resistance Level – $1,880
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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