[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Ethereum Eyes Strong Reversal, Why Dips Could Be Limited

0

Ethereum is showing positive signs above $1,720 against the US Dollar. ETH could start a strong increase if there is a clear move above the $1,850 resistance.

  • Ethereum remained well supported above the $1,720 support zone.
  • The price is now trading below $1,820 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,815 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a strong increase if there is a clear move above the $1,850 resistance zone.

Ethereum Price Holds Support

Ethereum remained well supported above the $1,720 support zone. A base was formed near $1,725 and there was a fresh increase.

The price spiked above the $1,800 resistance level and the 100 hourly simple moving average. However, the price struggled to gain pace above the $1,850 level. A high was formed near $1,875 and the price corrected gains. It is now consolidating above the $1,770 level.

The recent low was formed near $1,753 before the price climbed above $1,780. Ether price is now trading below $1,820 and the 100 hourly simple moving average.

On the upside, an initial resistance is near the $1,810 level. There is also a major bearish trend line forming with resistance near $1,815 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $1,875 swing high to $1,753 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,830 level. It is near the 61.8% Fib retracement level of the recent decline from the $1,875 swing high to $1,753 low. The main resistance is near the $1,850 level. A clear move above the $1,850 resistance might start a strong increase.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,850 resistance, it could continue to move down. An initial support on the downside is near the $1,770 zone.

The next major support is near the $1,720 level. A close below the $1,720 support could increase selling pressure. In the stated case, the price could slide towards the $1,650 support zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,720

Major Resistance Level – $1,850

Leave A Reply

Your email address will not be published.