Ethereum Price Rebound Pauses at $1,950, Traders Eye Next Move

[Ben Graham]

Ethereum price started a fresh decline below $1,865. ETH is now recovering losses from $1,800 and might struggle to recover above $1,925 or $1,950.

• Ethereum started a recovery wave from the $1,800 zone.
• The price is trading above $1,900 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1,935 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh decline if it stays below the $1,950 zone.

Ethereum Price Attempts Recovery

Ethereum price failed to stay above $1,880 and started a fresh decline, like Bitcoin. ETH price traded below the $1,850 and $1,820 levels to enter a bearish zone.

Finally, the bulls appeared near $1,800. A low was formed at $1,793, and the price started a minor recovery wave. There was a move above the $1,900 level and the 50% Fib retracement level of the downward move from the $1,995 swing high to the $1,793 low.

Ethereum price is now trading above $1,900 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,880, the price could attempt another increase. Immediate resistance is seen near the $1,925 level.

The first key resistance is near the $1,950 level and the 76.4% Fib retracement level of the downward move from the $1,995 swing high to the $1,793 low. There is also a bearish trend line forming with resistance at $1,935 on the hourly chart of ETH/USD. The next major resistance is near the $1,965 level.

A clear move above the $1,965 resistance might send the price toward the $2,020 resistance. An upside break above the $2,020 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,150 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $1,950 resistance, it could start a fresh decline. Initial support on the downside is near the $1,900 level. The first major support sits near the $1,870 zone.

A clear move below the $1,870 support might push the price toward the $1,845 support. Any more losses might send the price toward the $1,800 region. The main support could be $1,780.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $1,870

Major Resistance Level – $1,950