Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,900

2023-07-31 04:15:51

Ethereum price is struggling to clear the $1,880 zone against the US Dollar. ETH could start a fresh decline if it stays below $1,880 and $1,900.

Ethereum is facing major resistance near $1,880 and $1,900.
The price is trading below $1,875 and the 100-hourly Simple Moving Average.
Earlier, there was a break below a key bullish trend line with support near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now struggling to rise above the same trend line and $1,880.

Ethereum Price Faces Key Resistance

Ethereum’s price failed to clear the $1,885 resistance and started a fresh decline. ETH declined below the $1,875 and $1,870 levels within a range, similar to Bitcoin.

Besides, there was a break below a key bullish trend line with support near $1,870 on the hourly chart of ETH/USD. The pair tested the $1,850 support and recently started a fresh increase. There was a move above the $1,865 level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $1,885 swing high to the $1,850 low.

Ether is now struggling to rise above the same trend line and $1,880. It is trading below $1,875 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,875 level and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the downward move from the $1,885 swing high to the $1,850 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,885 level. The next key resistance is near the $1,900 level, above which the price might rise toward the $1,950 zone. Any more gains might send the price toward the $2,000 hurdle.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,875 resistance, it could start another decline. Initial support on the downside is near the $1,860 level.

The first major support is near the $1,850 zone, below which the price might test the $1,820 support zone. The next major support is near the $1,780 support level.

Technical Indicators

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

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

Major Support Level – $1,850

Major Resistance Level – $1,885

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