Ethereum has been consolidating below the $1,900 resistance level against the US dollar. ETH could attempt another rally if the closing price does not fall below $1,825.
Ethereum is currently trading within a range above the $1,850 mark. The price is above $1,870 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,890 is forming. The pair could see a substantial increase if it surpasses the $1,890 and $1,900 resistance levels.
Ethereum price holds support
Ethereum made another attempt to rise above $1,900. However, ETH failed to settle above the $1,900 resistance level and remained in a similar range as Bitcoin.
A downside reaction occurred below $1,880, resulting in a low at $1,862. The price is now on the rise, with a break above the $1,880 mark. The price climbed above the 50% Fibonacci retracement level of the recent decline from the swing high of $1,905 to the low of $1,862.
Ethereum is now trading above $1,870 and the 100-hour simple moving average. The immediate resistance is near the $1,890 mark. On the hourly chart of ETH/USD, a significant bearish trend line is also forming with resistance near $1,890.
The trend line is close to the 61.8% Fibonacci retracement level of the recent decline from the swing high of $1,905 to the low of $1,862. The first major resistance is near the $1,900 zone. A close above the $1,900 resistance level could trigger a substantial rally towards $1,955. The next major resistance is near the $1,975 mark. Further gains could drive Ethereum towards the $2,050 resistance level.
Another decline for ETH?
If Ethereum fails to surpass the $1,900 resistance, it could experience another decline. The first support on the downside is near the $1,870 mark or the 100-hour simple moving average.
There is also a connecting bullish trend line at $1,870. The first major support is near the $1,845 mark, below which the price may retest the significant support at $1,825. The next major support is near the $1,770 mark. Further losses could temporarily push Ethereum towards the $1,720 support level.
Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Major support level: $1,845
Major resistance level: $1,900