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Ethereum Price

Ethereum Price Signals Recovery But 100 SMA Is The Key

Aayush Jindal by Aayush Jindal
3 weeks ago
in ETH
Reading Time: 2 mins read

Ethereum price is slowly moving higher from $1,840 against the US Dollar. ETH is still facing strong resistance near the $1,875 level and the 100 hourly SMA.

  • Ethereum is currently consolidating losses above the $1,820 support zone.
  • The price is trading below $1,875 and the 100-hourly Simple Moving Average.
  • There was a break above a major bearish trend line with resistance near $1,850 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could struggle to clear the $1,875 and $1,880 resistance levels.

Ethereum Price Starts Consolidation

Ethereum’s price remained in a bearish zone the $1,875 support zone. ETH tested the $1,810 zone and recently started a consolidation phase, similar to Bitcoin.

A low is formed near $1,812 and the price is slowly moving higher in a range. It traded above the 23.6% Fib retracement level of the swing move from the $1,935 high to the $1,812 low. Besides, there was a break above a major bearish trend line with resistance near $1,850 on the hourly chart of ETH/USD.

However, Ether is still trading below $1,875 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,860 level. The next resistance sits near $1,875 or the 100-hourly Simple Moving Average or the 50% Fib retracement level of the swing move from the $1,935 high to the $1,812 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance might be near the $1,920 level. A close above the $1,920 resistance zone could start a decent increase in Ethereum and the price might rise toward the $1,975 resistance. Any more gains might send the price toward the $1,950 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,875 resistance, it could start another decline. Initial support on the downside is near the $1,820 level or the recent low.

The next major support is near the $1,800 zone. If there is a downside break and a close below $1,800, the bears could gain strength. In the stated case, the price might drop toward the $1,720 support zone. Any more losses may perhaps take the price toward the $1,650 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is still below the 50 level.

Major Support Level – $1,800

Major Resistance Level – $1,875

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

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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