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In an endeavor to regain momentum, the price of Ethereum is currently in the process of a recovery phase, striving to move past the $1,835 mark against the US Dollar. The potential for consistent upward movement becomes viable if it successfully overcomes the hurdle presented by the $1,860 resistance level.
Ethereum’s valuation remains confined below the resistance thresholds of $1,860 and $1,880 within its trading range. Moreover, it trades below the $1,850 mark and the 100-hourly Simple Moving Average. According to Kraken’s data feed, the hourly chart for ETH shows a breach of the short-term ascending channel that had found support around $1,845.
The outcome of the ETH pairing’s trajectory depends on its ability to breach the $1,860 resistance level. Failure to do so could lead to a potential downturn once again.
Ethereum Price Turns Red
Ethereum faced difficulties in surpassing the resistance area at $1,860, resulting in a new downward movement. The price of ETH established itself beneath the $1,850 mark, entering a bearish territory reminiscent of Bitcoin’s performance.
On the hourly chart of ETH, a breach occurred below a brief ascending channel, which had support of around $1,845. This caused the pair to test the $1,830 range, forming a bottom around $1,833. The price is striving for a rebound, experiencing a recovery attempt that led it to move past the $1,840 threshold.
The price went up more than a quarter of the way back from its recent drop, between the highest point of around $1,860 and the lowest point of about $1,833. But now, Ethereum’s price is lower than $1,850, and the line on the chart shows the average price over the past 100 hours.
Looking on the positive side, there’s a hurdle close to the $1,850 mark. This is roughly halfway between the highest at around $1,860 and the lowest at about $1,833. The main barrier comes at the first important point, around $1,860. After that, the next significant challenge awaits near $1,880.
If the price surpasses the $1,880 level, it could pave the way for a movement towards the $1,920 mark. Further value increases could propel the price even higher, possibly crossing the significant barrier at $2,000. If this milestone is achieved, there’s potential for an upward trajectory toward the $2,040 threshold, potentially even reaching the $2,120 level.
More Losses in ETH?
It might keep going down if Ethereum can’t get past the $1,860 barrier. At first, if it goes down, there’s support around $1,835 or the recent low point. Below that, a major support area is around $1,820. If buyers can’t prevent it from dropping below $1,820, the price might fall. The next big support comes in at around $1,780. If there are even more losses, the price could head towards $1,720 in the near future.
Technical Indicators
- Hourly MACD – The bearish momentum of the MACD on the ETH/USD chart is diminishing.
- Hourly RSI – The RSI on the ETH/USD chart has dropped below the 50 mark.
- Key Support Level – Significant support is situated at $1,820.
- Key Resistance Level – The notable resistance can be identified at $1,860.
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