Ethereum Price Consolidates and Eyes Recovery—Is a Bounce Incoming?
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Ethereum prices have begun a wave of recovery above the $1,820 region. ETH is now consolidating and facing resistance of $1,950.
- Ethereum’s recovery wave is above the $1,820 level.
- Prices trade below $1,920 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (via Kraken’s feed), there is a short-term bearish trend line forming with a resistance of $1,900.
- Two people have to clear the $1,900 and $1,950 resistance levels to start a nice increase.
Ethereum price faces resistance
Ethereum prices form the foundation at the $1,760 level and begin the recovery wave Bitcoin. ETH is able to clear resistance levels of $1,820 and $1,850.
The Bulls pushed the price higher by $1,920. The 23.6% FIB retracement level of downward waves moves from $2,150 swing high to $1,752 low. However, the bear appears to be active near the $1,950 resistance zone.
Ethereum prices are now trading at prices below $1,920 100 hours simple moving average. On the plus side, prices seem to be facing a barrier to the $1,900 level.
On the hourly chart of ETH/USD, there is also a short-term bearish trend line with resistance of $1,900. The next key resistance is close to the $1,950 level, or the 50% FIB retracement level of downward waves is from a swing of $2,150 to a low of $1,752.
The first major resistance is close to the $1,990 level. A clear action on resistors above $1,990 could shift the price to a resistor at $2,050. An upside breakout for resistors over $2,050 could require more gains in the upcoming meeting. In the case of statements, ether may rise toward the $2,120 resistance zone or even $2,250 in the short term.
Is there another game?
If Ethereum fails to clear the $1,950 resistance, it may drop again. The initial support for the adverse aspects is close to the $1,845 level. The first major support is located near the $1,800 area.
A clear move to support below $1,800 could push the price toward support of $1,750. In the short term, more losses could shift the price to the support level of $1,720. Next key supports $1,650.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in bullish regions.
Hourly RSI – The RSI of ETH/USD is now above the 50 area.
Main support level – $1,800
Main resistance level – $1,920
