Ethereum Price Rebounds But Here’s Why Upsides Might Be Limited

2023-08-14 05:47:11

Ethereum price is attempting a recovery wave from the $1,835 zone against the US Dollar. ETH could start a steady increase if it clears the $1,860 resistance.

Ethereum is trading in a range below the $1,860 and $1,880 resistance levels.
The price is trading below $1,850 and the 100-hourly Simple Moving Average.
There was a break below a short-term rising channel with support near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could drop again if it stays below the $1,860 resistance.

Ethereum Price Turns Red

Ethereum’s price struggled to clear the $1,860 resistance zone and started a fresh decline. ETH settled below the $1,850 level to move into a bearish zone, similar to Bitcoin.

There was a break below a short-term rising channel with support near $1,845 on the hourly chart of ETH/USD. The pair tested the $1,830 zone. A low is formed near $1,833 and the price is now attempting a recovery wave. There was a move above the $1,840 level.

The price traded above the 23.6% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. Ether is now trading below $1,850 and the 100-hourly Simple Moving Average.

On the upside, immediate resistance is near the $1,850 level. It is near the 50% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. The first major resistance is near the $1,860 level. The next key resistance is near the $1,880 level.

Source: ETHUSD on TradingView.com

A close above the $1,880 level could send the price toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120.

More Losses in ETH?

If Ethereum fails to clear the $1,860 resistance, it could continue to move down. Initial support on the downside is near the $1,835 level or the recent low.

The first major support is near the $1,820 zone. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,780 support level. Any more losses might send the price toward the $1,720 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,820

Major Resistance Level – $1,860

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