- Ethereum is currently moving downwards from the $1,880 resistance level.
- The price is trading below $1,850 and the 100-hour Simple Moving Average.
- If there is a move above the $1,840 and $1,880 resistance levels, the pair could start a good increase.
After failing to hold above $2,000, will Ethereum’s price continue to fall? Current analysis!
Current Technical Analysis of Ethereum (ETH)!
Ethereum’s price is struggling to surpass the $1,850 and $1,880 resistance levels against the US Dollar. ETH can start a reasonable increase unless it closes below $1,800.
The price sharply dropped below the $1,850 level, falling to $1,792 before rising to $1,865. A high was formed around $1,865 and the price is now falling further. The upward movement from $1,792 to $1,865 traded below the 50% Fib retracement level.
ETH is currently trading below $1,850 and the 100-hour Simple Moving Average. There is also an important downtrend line formed with resistance near $1,840 on the hourly chart of the ETH/USD pair.
ETH/USD Hourly Price Chart
The resistance is near the $1,835 level. The next resistance is near $1,840, where Ethereum can test the 100-hour Simple Moving Average. The main resistance is currently forming near the $1,880 level. A close above the $1,880 resistance zone could start a good increase towards the $1,920 resistance. Further gains could send the price to the $1,975 resistance.
If Ethereum cannot surpass the $1,840 resistance, it could continue to fall. The first support on the downside is near the $1,820 level or the 61.8% Fib retracement level of the upward movement from $1,792 to $1,865.
The next major support is near the $1,800 level. If there is a downside break and close below $1,800, the price could fall significantly. In that case, the price could drop to the $1,740 support zone. Further losses could possibly bring the price to the $1,650 level in the short term.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is below the 50 level.
- Main Support Level – $1,800
- Main Resistance Level – $1,840
