Ethereum price is struggling to clear the $1,885 zone against the US dollar. ETH could start a decent recovery if there is a close above USD 1,885 and USD 1,900.
- Ethereum is showing some bearish signs from the USD 1,885 resistance.
- The price is trading below $1,870 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near USD 1,858 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could fall sharply if there is a close below the $1,850 support.
Ethereum price facing rejection
Ethereum price attempted a short-term recovery wave above the $1,850 zone. ETH was able to recover above the $1,855 and $1,870 levels similar to Bitcoin.
However, the bears protected more advantages above the $1,885 resistance zone. A high was formed near $1,887 and the price reacted to the downtrend. There was a drop below the $1,870 level and the 100-hour Simple Moving Average.
Ether fell below the 50% Fib retracement level of the recovery wave from the $1,832 swing low to the $1,887 high. It is now trading below $1,870 and the 100-hour Simple Moving Average.
A major bullish trendline is also forming with support near USD 1,858 on the ETH/USD hourly chart. The trendline is close to the 61.8% Fib retracement level of the recovery wave from the $1,832 swing low to the $1,887 high.
On the upside, immediate resistance is near the $1,870 level and the 100 hourly SMA. The first major resistance is near the USD 1,885 level. The next key resistance is near the $1,900 level, above which the price might rise towards the $1,920 resistance.
Source: ETHUSD at TradingView.com
A close above the $1,920 resistance could start a steady rise. The next resistance is near the $1,975 zone, above which the price could rise towards the $2,000 hurdle.
Lose more in ETH?
If Ethereum fails to clear the $1,885 resistance, it could drop further. The first support on the downside is near the $1,855 level and the trendline.
The first major support is near the $1,850 zone, below which the price could visit the $1,830 zone. The next major support is near the $1,780 support level.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,850
Major resistance level – $1,900