Ethereum price corrected lower from the $1,875 area against the US Dollar. ETH has retested the $1,780 zone and may attempt another move higher soon.
- Ethereum holds key support at $1,780 and $1,750.
- The price is trading below $1,820 and the 100 hourly simple moving average.
- There was a break above a steep downtrend line with resistance near $1,795 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a further rise towards the $1,850 and $1,875 resistance levels.
Ethereum price revisits uptrend support
Ethereum attempted a further rise above the $1,850 resistance but gains were limited as Bitcoin. ETH traded as high as $1,874 and recently began a downward correction.
There was a move below the $1,850 and $1,820 levels. The price even climbed below the $1,800 level and the 100 hourly simple moving average. It retested the $1,780 support zone. A low was formed near $1,777 and the price is now attempting a further rise.
There was a break above a steep downtrend line with resistance near $1,795 on the ETH/USD hourly chart. Ethereum is now trading near the 23.6% Fib retracement level of the recent decline from the $1,874 high to $1,777 low.
On the upside, the price faces resistance near the $1,810 level and the 100-hour simple moving average. The first major resistance lies at $1,825, the 50% Fibonacci retracement level of the recent decline from the $1,874 high to $1,777 low.
Source: ETHUSD on TradingView.com
If ETH breaks above the $1,825 resistance, it could once again begin a steady increase and test $1,875. The next key resistance is near $1,920, above which the price could accelerate towards the $2,0000 level. Any further gains may require a move towards the $2,050 level.
More losses in ETH?
If Ethereum fails to breach the $1,825 resistance, it could continue to decline. Initial downside support is near the $1,780 level or the recent low.
The next key support is $1,750. A downside break below the $1,750 support could trigger a bearish wave. In the stated case, Ether could fall all the way to the $1,650 level.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,780
Major Resistance Level – $1,825