Ethereum failed to stay above $ 1,900 and has been corrected down against the US dollar. ETH price corrects gains and it looks like it could test $ 1,750 before another increase.
- Ethereum corrects down from $ 1,975 swing high and trades below $ 1,900.
- Price is currently testing support at $ 1,850, but it is below the 100 hour simple moving average.
- A major uptrend line is forming with support near $ 1850 on the hourly ETH / USD chart (flux data via Kraken).
- The pair could fall further, but the bulls are expected to remain active near $ 1,750.
Ethereum price corrects gains
Ethereum made another attempt to settle above $ 2000, but it failed. The recent swing high formed near $ 1,976 before the price of ETH started to fall further.
There was a break below the $ 1,950 and $ 1,900 support levels. The price of ether even tested the $ 1,850 of support and it is now trading well below the 100 hour simple moving average. A low is forming near $ 1,853 and price is currently consolidating losses.
Initial resistance to the upside is near the $ 1,880 level. It is close to the 23.6% Fib retracement level of the recent decline from the $ 1,976 high in thelower of $ 1,853.
Source: ETHUSD on TradingView.com
The first resistance major is near the $ 1,910 level or the 100 hour simple moving average. It is near the 50% Fib retracement level of the recent decline from $ 1,976. high at $ 1,853. The major resistance now forming near the $ 1,940 level and a trendline baissière on the hourly ETH / USD chart.
To start a further increase, the price must settle above $ 1,910 and then gain momentum above the $ 1,950 level. In the case indicated, the price could easily erase the $ 2,000 level .
Dips supported in ETH?
If Ethereum fails to extend its rise above the $ 1,950 level, it may continue to fall. The first major support is near the $ 1,850 level.
There is also a major uptrend line forming with support near $ 1,850 on the same chart. A sharp break below trendline support and at $ 1,830 could open the door for a move to the near-term $ 1,750 support area.
Hourly MACD - The MACD forETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI - The RSI for ETH / USD is now well below the 50 level.
Major Support Level - $ 1,850
Major resistance level - $ 1,950