Ethereum’s price recovery may fade if it doesn’t surpass $1,900.

Ethereum's price recovery may fade if it doesn't surpass $1,900.

The Resurgence of Ethereum Price

The Ethereum price is showing signs of recovery as it moves above the $1,850 zone against the US Dollar. The popular cryptocurrency Ethereum, also known as Ether (ETH), had experienced a decline but is now slowly moving higher, indicating a potential resurgence in its market value.

Technical Analysis

The price of Ethereum is currently trading above $1,870 and the 100-hourly Simple Moving Average (SMA). This suggests that there is a positive trend in the market, indicating a potential increase in value. Additionally, a key bullish trend line is forming with support near $1,855 on the hourly chart of ETH/USD.

However, to sustain this upward movement, Ethereum faces an uphill task and must overcome some crucial resistance levels. The $1,900 and $1,920 levels have strong selling interest, making them significant barriers for Ethereum’s price to overcome.

The Price Movement

Ethereum initiated a short-term recovery wave from the $1,830 zone. It successfully reclaimed the $1,850 and $1,860 levels, similar to Bitcoin’s price movement. However, the bears are still present, focusing on hindering Ethereum’s progress below the $1,900 level.

• Sam Bankman-Fried’s campaign donation charge is to be dropped by prosecutors.
• SEC Charges Quantstamp $28M for Unregistered ICO.
• Crypto investors in Hector are desperate for the DAO to die quickly.

Despite this challenge, Ethereum has managed to remain above the $1,870 mark and the 100-hourly SMA. The presence of the bullish trend line further supports the positive momentum. Moreover, the trend line intersects with the 50% Fib retracement level, drawn from the swing low of $1,832 to the swing high of $1,886.

Key Resistance Levels

Ethereum currently faces several resistance levels that must be crossed for a sustained upward trajectory. The immediate resistance is near $1,885, followed by the recent high of $1,900. However, the most critical hurdle lies around the $1,920 mark. A breakthrough past this level could potentially set the stage for a larger increase in Ethereum’s price.

If the price continues to rise, the next resistance level to be aware of is near the $1,975 zone. Surpassing this level could propel Ethereum toward the $2,000 hurdle. Further gains could potentially push Ether toward the $2,050 resistance in the near term.

Potential Downside

In the event that Ethereum fails to surpass the $1,900 resistance, it may experience a fresh decline. The initial support on the downside is estimated near the $1,865 level and the 100 hourly SMA. However, if the price falls below this level, it may enter a bearish zone.

The first major support is located around the $1,855 zone, which coincides with the previously mentioned bullish trend line. Below this level, the price could potentially drop to the $1,830 support level.

Technical Indicators

To further analyze Ethereum’s price movement, we can examine the technical indicators:

• Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone. This suggests that there may be a decrease in buying pressure in the near future.

• Hourly RSI: The RSI for ETH/USD is currently above the 50 level. This indicates that there is an uptrend in place, potentially supporting further price increases.

Summary

In summary, the Ethereum price is currently showing signs of a recovery, with Ethereum gradually moving higher above the $1,850 zone. While facing some resistance at $1,900 and $1,920, Ethereum’s positive momentum is supported by the presence of a bullish trend line and trading above the 100-hourly SMA. As the cryptocurrency market continues to evolve, it is important to monitor Ethereum’s ongoing movement and whether it can sustain its recent upward trend.