Ethereum price may avoid further losses by closing above a critical level.

Ethereum price may avoid further losses by closing above a critical level.

Ethereum Price Holds Support, Potential for Steady Increase

The Ethereum price is currently trading above the $1,875 support zone against the US Dollar, indicating a favorable situation for the cryptocurrency. If it successfully clears the $1,915 resistance zone, Ethereum could potentially experience a decent increase in value.

Ethereum’s Stable Position

Ethereum’s price has remained stable above the $1,875 support zone, suggesting that the bulls are actively protecting against further losses, similar to the situation with Bitcoin. Although the price has managed to recover slightly above the $1,890 level, it has encountered resistance from bears near the $1,900 pivot level. Furthermore, a major bearish trend line is forming with resistance near $1,910 on the hourly chart of ETH/USD, making it a crucial level to watch.

Trading Analysis

Currently, Ethereum is trading below $1,920 and the 100-hourly Simple Moving Average, indicating a potential challenge for the cryptocurrency. On the upside, immediate resistance is near the $1,910 level and the trend line. This level is also close to the 23.6% Fibonacci retracement level, which measures the downward move from the $2,027 swing high to the $1,875 low.

The first major resistance is near the $1,945 level, which corresponds to the 50% Fibonacci retracement level of the mentioned downward move. A successful breakthrough of this level could trigger a steady increase in Ethereum’s price. The next significant resistance lies near the $2,030 level, and any further gains could potentially push Ether towards the $2,120 resistance in the near term.

Ethereum Price Chart

Source: ETHUSD on

Possibility of More Losses in ETH

Despite the positive outlook, there is a possibility that Ethereum might fail to clear the $1,915 resistance level, which could initiate a fresh decline in its price. In such a scenario, the initial support on the downside is near the $1,885 level. However, if the price continues to drop, the first major support is at the $1,875 level, followed by the $1,825 support level.

Should the bulls fail to protect the $1,825 support, it might lead to a significant drop towards the $1,770 support level. In the worst-case scenario, further losses could open the doors for a move towards the $1,720 support level in the near term.

Technical Indicators

To analyze the market conditions, we can look at two technical indicators: the hourly Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).

The hourly MACD for ETH/USD is currently losing momentum in the bullish zone, which suggests a potential shift in market sentiment. Additionally, the hourly RSI for ETH/USD has fallen below the 50 level, indicating a decrease in buying pressure.

Key Takeaways:

  • Ethereum is currently trading above the $1,875 support zone against the US Dollar.
  • The cryptocurrency faces resistance near the $1,910 level and a major bearish trend line.
  • Clearing the $1,915 and $1,940 resistance levels could trigger a steady increase in Ethereum’s price.
  • Failure to clear the $1,915 resistance might result in a fresh decline, with initial support at $1,885.
  • Technical indicators suggest a potential shift in market sentiment, with the MACD losing momentum and the RSI falling below 50.

Disclaimer: This article is not financial advice. Cryptocurrency investments are subject to market risks, and readers should do their own research before making any investment decisions.

Major Support Level – $1,875

Major Resistance Level – $1,915

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