Ethereum Price Could Avoid More Downsides If It Closes Above One Key Level

2023-07-28 03:25:14

Ethereum price is struggling to clear the $1,885 zone against the US Dollar. ETH could start a decent recovery if there is a close above $1,885 and $1,900.

Ethereum is showing a few bearish signs from the $1,885 resistance.
The price is trading below $1,870 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support near $1,858 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline sharply if there is a close below the $1,850 support.

Ethereum Price Faces Rejection

Ethereum’s price attempted a short-term recovery wave above the $1,850 zone. ETH was able to recover above the $1,855 and $1,870 levels, similar to Bitcoin.

However, the bears protected more upsides above the $1,885 resistance zone. A high was formed near $1,887 and the price reacted to the downside. There was a drop below the $1,870 level and the 100-hourly Simple Moving Average.

Ether declined below the 50% Fib retracement level of the recovery wave from the $1,832 swing low to the $1,887 high. It is now trading below $1,870 and the 100-hourly Simple Moving Average.

There is also a major bullish trend line forming with support near $1,858 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recovery wave from the $1,832 swing low to the $1,887 high.

On the upside, immediate resistance is near the $1,870 level and the 100 hourly SMA. 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 $1,920 resistance.

Source: ETHUSD on TradingView.com

A close above the $1,920 resistance could start a steady increase. The next resistance is near the $1,975 zone, above which the price might rise toward the $2,000 hurdle.

More Losses in ETH?

If Ethereum fails to clear the $1,885 resistance, it could continue to move down. Initial support on the downside is near the $1,855 level and the trend line.

The first major support is near the $1,850 zone, below which the price might revisit the $1,830 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 – $1,900

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