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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price Eyes More Gains
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Ethereum Price Regains Strength But Key Downtrend Resistance Intact

Aayush Jindal by Aayush Jindal
4 months ago
in ETH
Reading Time: 2 mins read

Ethereum price recovered losses and traded above $1,860 against the US Dollar. ETH must clear $1,920 to start a strong increase in the near term.

  • Ethereum is showing positive signs above the $1,860 level.
  • The price is trading above $1,850 and the 100-hourly Simple Moving Average.
  • There was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could still struggle to clear the $1,920 resistance zone.

Ethereum Price Trims Losses

Ethereum’s price found support near the $1,775 zone after a major decline. ETH formed a base and started a fresh increase above the $1,800 resistance zone, similar to Bitcoin.

There was a clear move above the $1,840 and $1,850 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD. A high is formed near $1,898 and the price is now consolidating gains.

Ether is now trading above $1,850 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high.

Ethereum Price

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,900 zone. The next major resistance is near the $1,920 level (a multi-touch zone). A proper move above the $1,900 and $1,920 resistance levels might send Ether toward $1,950. The next resistance sits near $2,000, above which Ethereum could rise toward $2,040. Any more gains above the $2,040 resistance zone might send the price toward the $2,120 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.

The next major support is near the $1,840 zone or the 50% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could decline toward the $1,800 support. Any more losses may perhaps send the price toward the $1,775 level or even $1,740 in the coming sessions.

Technical Indicators

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

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

Major Support Level – $1,840

Major Resistance Level – $1,920

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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