Ethereum failed to stay above $1,900 and corrected lower against the US Dollar. ETH price is correcting gains and it seems like to might test $1,750 before a fresh increase.
- Ethereum is correcting lower from the $1,975 swing high and trading below $1,900.
- The price is now testing the $1,850 support, but it is below the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,850 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could dip further, but the bulls are likely to remain active near $1,750.
Ethereum Price is Correcting Gains
Ethereum made another endeavor to settle above $2,000, yet it fizzled. The new swing high was shaped close $1,976 before ETH cost began a new decrease.
There was a break underneath the $1,950 and $1,900 uphold levels. Ether cost even tried the $1,850 uphold level and it is presently exchanging admirably underneath the 100 hourly basic moving normal. A low is shaped close $1,853 and the cost is presently solidifying misfortunes.
An underlying obstruction on the potential gain is close to the $1,880 level. It is near the 23.6% Fib retracement level of the new drop from the $1,976 high to $1,853 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,910 level or the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent drop from the $1,976 high to $1,853 low. The main resistance is now forming near the $1,940 level and a connecting bearish trend line on the hourly chart of ETH/USD.
To start a fresh increase, the price must settle above $1,910 and then gain momentum above the $1,950 level. In the stated case, the price could easily clear the $2,000 level.
Dips Supported in ETH?
If Ethereum fails to extend its rise above the $1,950 level, it could continue to move down. The first major support is near the $1,850 level.
There is also a major bullish trend line forming with support near $1,850 on the same chart. A clear break below the trend line support and $1,830 could open the doors for a move towards the $1,750 support zone in the near term.
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,850
Major Resistance Level – $1,950