Ethereum’s Downtrend Resistance Holds Strong Despite Price Gains
Key Points:
- Ethereum’s price found support near the $1,775 zone after a major decline and started a fresh increase above the $1,800 resistance zone, similar to Bitcoin.
- A clear move above the $1,840 and $1,850 resistance levels, and a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD.
- Immediate resistance is near the $1,900 zone. The next major resistance is near the $1,920 level, a multi-touch zone.
Ethereum’s recent price movement has been quite volatile, with a significant decline followed by a base formation and a fresh increase above the $1,800 resistance zone.
This trend has been similar to that of Bitcoin, which has also seen a recent increase in price. Ethereum’s current price is around $1,850 and is trading above the 100-hourly Simple Moving Average.
In the hourly chart of ETH/USD, there was a clear move above the $1,840 and $1,850 resistance levels. Furthermore, a key bearish trend line with resistance near $1,865 was broken, indicating a potential upward trend in the near future. The price then formed a high near $1,898 and is currently consolidating gains.
Looking ahead, immediate resistance is near the $1,900 zone, with the next major resistance near the $1,920 level. This level has been tested multiple times in the past, making it a multi-touch zone. If Ethereum makes a proper move above the $1,900 and $1,920 resistance levels, it might experience an upward trend, possibly leading to a price of $1,950. The next resistance sits near $2,000, above which Ethereum could rise further to $2,040. If the price gains continue beyond the $2,040 resistance zone, it might reach the $2,120 resistance level.
Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average. The next major support is near the $1,840 zone or the 50% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could decline toward the $1,800 support. Any further losses may perhaps send the price toward the $1,775 level or even $1,740 in the coming sessions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
Author
Analysis
Ethereum’s Downtrend Resistance Holds Strong Despite Price Gains
Key Points:
- Ethereum’s price found support near the $1,775 zone after a major decline and started a fresh increase above the $1,800 resistance zone, similar to Bitcoin.
- A clear move above the $1,840 and $1,850 resistance levels, and a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH/USD.
- Immediate resistance is near the $1,900 zone. The next major resistance is near the $1,920 level, a multi-touch zone.
Ethereum’s recent price movement has been quite volatile, with a significant decline followed by a base formation and a fresh increase above the $1,800 resistance zone.
This trend has been similar to that of Bitcoin, which has also seen a recent increase in price. Ethereum’s current price is around $1,850 and is trading above the 100-hourly Simple Moving Average.
In the hourly chart of ETH/USD, there was a clear move above the $1,840 and $1,850 resistance levels. Furthermore, a key bearish trend line with resistance near $1,865 was broken, indicating a potential upward trend in the near future. The price then formed a high near $1,898 and is currently consolidating gains.
Looking ahead, immediate resistance is near the $1,900 zone, with the next major resistance near the $1,920 level. This level has been tested multiple times in the past, making it a multi-touch zone. If Ethereum makes a proper move above the $1,900 and $1,920 resistance levels, it might experience an upward trend, possibly leading to a price of $1,950. The next resistance sits near $2,000, above which Ethereum could rise further to $2,040. If the price gains continue beyond the $2,040 resistance zone, it might reach the $2,120 resistance level.
Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average. The next major support is near the $1,840 zone or the 50% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could decline toward the $1,800 support. Any further losses may perhaps send the price toward the $1,775 level or even $1,740 in the coming sessions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Annie
Coincu News
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