Blockchain News

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

Ethereum is displaying encouraging indications as it surpasses the $1,860 mark, demonstrating a positive trajectory. The price of Ethereum is currently trading above $1,850 and has surpassed the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a notable breakthrough above a significant bearish trend line with resistance near $1,865, as confirmed by the data feed from Kraken.


However, the pair might encounter difficulties in overcoming the $1,920 resistance zone. After a substantial decline, Ethereum’s price discovered support near the $1,775 zone. It formed a solid foundation and commenced a fresh ascent above the resistance zone at $1,800, following a similar pattern to Bitcoin.

Notably, the price experienced a clear upward movement beyond the resistance levels at $1,840 and $1,850. Furthermore, a crucial bearish trend line was breached with resistance near $1,865 on the hourly ETH/USD chart. Subsequently, Ether reached a high point close to $1,898 and is consolidating its gains.

Presently, Ether is trading above $1,850 and is positioned above the 100-hourly Simple Moving Average. Additionally, it surpasses the 23.6% Fibonacci retracement level of the recent increase, which extends from the swing low of $1,777 to the high of $1,898.

Immediate resistance can be observed near the $1,900 zone, followed by a more substantial hurdle near the $1,920 level, representing a multi-touch zone. If Ether effectively surpasses these resistance levels at $1,900 and $1,920, it can ascend toward $1,950. Moreover, the subsequent resistance is positioned near $2,000, beyond which Ethereum’s value could soar toward $2,040. Further gains above the $2,040 resistance zone might propel the price toward the $2,120 resistance level.

Nevertheless, a downturn may ensue if Ethereum fails to surmount the $1,900 resistance. Initially, support on the downside is anticipated near the $1,860 level, along with the 100-hourly Simple Moving Average. Subsequently, the next crucial support is positioned around the $1,840 zone or the 50% Fibonacci retracement level of the recent increase from the swing low of $1,777 to the high of $1,898. A break below the $1,840 support level may lead to a decline toward the $1,800 support. The price could reach the $1,775 level in the upcoming sessions or even descend to $1,740.

Analyzing the technical indicators, the hourly MACD for ETH/USD suggests a reduction in bullish momentum. Conversely, the hourly RSI is above the 50 level, implying a positive sentiment. Thus, the major support level is $1,840, while the major resistance level is $1,920.


Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.