Ethereum Faces Resistance Near $1,875 and $1,880
Ethereum is currently encountering significant resistance levels at $1,875 and $1,880. The price of ETH is trading above $1,830 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish flag pattern is forming with resistance near $1,860. To gain bullish momentum, the pair needs to clear the resistance levels at $1,860 and $1,880.
Ethereum Price Holds Support
Ethereum’s price has experienced a decent increase from the $1,800 zone, surpassing the $1,850 and $1,860 levels. However, bears are still active near $1,880, similar to Bitcoin. The price saw a downside correction after reaching a high of $1,876, falling below the $1,860 level. Currently, ETH is trading above $1,830 and the 100-hourly Simple Moving Average. A bullish flag pattern is also forming with resistance near $1,860 on the hourly chart of ETH/USD.
Key Resistance and Potential Increase
Immediate resistance lies near the $1,860 level and the trend line. The first major resistance is at $1,875, followed by the key resistance at $1,880. Clearing these levels could propel the price towards the $1,920 zone. Further gains might push the price towards the $2,000 hurdle, and a close above $2,000 could lead to a larger increase.
Possible Decline and Support Levels
If Ethereum fails to surpass the $1,880 resistance, it may experience another decline. Initial support on the downside is near the $1,845 level and the 100-hourly Simple Moving Average. The first major support is around the $1,835 zone or the 50% Fib retracement level. Further support lies at the $1,820 level, and a strong decline could bring the price down to $1,720.
Technical Indicators
The MACD for ETH/USD is showing a loss of momentum in the bullish zone on the hourly chart. The RSI for ETH/USD is currently below the 50 level.
Hot Take: Ethereum is currently facing resistance at key levels, but holding strong above support. The price needs to break through resistance levels to gain bullish momentum and potentially reach new highs. Failure to do so may result in a decline, with support levels acting as barriers to further losses. Traders should closely monitor the price action and key levels for potential trading opportunities.
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