Ethereum’s price is currently attempting to recover from the $1,835 zone against the US Dollar. However, there are potential limitations to further upside movement if the $1,860 resistance level is not cleared.
Ethereum Price Faces Resistance
Ethereum encountered difficulties in surpassing the $1,860 resistance zone, leading to a subsequent decline. The cryptocurrency fell below $1,850 and has since entered a bearish zone, similar to Bitcoin.
The hourly chart of ETH/USD showed a break below a short-term rising channel with support near $1,845. As a result, the pair tested the $1,830 zone, with a low formed around $1,833. However, the price is currently in the process of a recovery wave with a move above the $1,840 level.
Although the price has traded above the 23.6% Fib retracement level, it is still trading below $1,850 and the 100-hourly Simple Moving Average. Immediate resistance lies near the $1,850 level, followed by the 50% Fib retracement level near $1,860. The next significant resistance stands at the $1,880 level.
Source: ETHUSD on TradingView.com
If the $1,860 resistance level is not overcome, Ethereum could potentially face further downward movement. Initial support lies near the $1,835 level or the recent low, with the first major support at the $1,820 zone. Should the bulls fail to protect this support, a sharp decline towards the next major support at $1,780 could occur. Further losses might send the price towards the $1,720 level in the near term.
1. What is the current Ethereum price?
The current price of Ethereum is $1,840 according to the ETH/USD pair.
2. What are the resistance levels for Ethereum?
The immediate resistance level for Ethereum is around $1,850, followed by $1,860 and $1,880.
3. What are the support levels for Ethereum?
The initial support level for Ethereum is near $1,835, with further support at $1,820 and $1,780.
4. What are the technical indicators showing for Ethereum?
The MACD indicator for ETH/USD is currently losing momentum in the bearish zone, while the RSI is now below the 50 level.
5. What are the potential future price levels for Ethereum?
If Ethereum manages to close above the $1,880 level, it could potentially reach $1,920. Further gains might lead to a rise towards the $2,000 mark, followed by the $2,040 level or even $2,120.