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Ethereum price is trading above the $1,875 support area against the US Dollar. If ETH clears the $1,915 resistance area, it could start a decent rise.
- Ethereum is consolidating above the $1,875 level.
- The price is trading below $1,920 and the 100-hour simple moving average.
- There is a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair overcomes the $1,915 and $1,940 resistance levels, it could start a steady rise.
Ethereum Price Finds Support
Ethereum price remained stable above the $1,875 support area. ETH bulls seem to be active and protecting more losses above the $1,875 level, similar to bitcoin.
The price was able to rise a few points above the $1,890 level. However, the bears are active near the $1,900 pivot level. There is also a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD.
Ether is now trading below $1,920 and the 100-hour simple moving average. On the upside, an immediate resistance is near the $1,910 level and the trend line. It is close to the 23.6% Fib retracement level of the decline from the $2,027 high to $1,875 low.
The first major resistance is near the $1,945 level or the 50% Fib retracement level of the recent move from the $2,027 high to $1,875 low, above which the price could start a sustained increase.
Source: ETHUSD on Tradingview.com
The next major resistance is near the $2,030 level. Any more gains could send Ether towards the $2,120 resistance in the near term.
More Losses in ETH?
If Ethereum fails to clear the $1,915 resistance, it could start a fresh decline. On the downside, an initial support is near the $1,885 level.
The first major support is near the $1,875 level, below which the price lost momentum. The next major support is near the $1,825 support level. If the bulls fail to defend the $1,825 support, there could be a decline towards $1,770. Any further losses could open the door for a move towards the $1,720 support in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,875
Major Resistance Level – $1,915
