Ethereum Price Could Narrowly Avoid More Losses if it Closes Above One Key Level

2023-07-20 04:43:20

Ethereum price is trading above the $1,875 support zone against the US Dollar. ETH could start a decent increase if it clears the $1,915 resistance zone.

Ethereum is consolidating above the $1,875 level.
The price is trading below $1,920 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if it clears the $1,915 and $1,940 resistance levels.

Ethereum Price Holds Support

Ethereum’s price remained stable above the $1,875 support zone. ETH bulls seem to be active above the $1,875 level and protecting more losses, similar to Bitcoin.

The price was able to recover a few points above the $1,890 level. However, the bears are active near the $1,900 pivot level. There is also a major bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD.

Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,910 level and the trend line. It is close to the 23.6% Fib retracement level downward move from the $2,027 swing high to the $1,875 low.

The first major resistance is near the $1,945 level or the 50% Fib retracement level downward move from the $2,027 swing high to the $1,875 low, above which the price could start a steady increase.

Source: ETHUSD on TradingView.com

The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance in the near term.

More Losses in ETH?

If Ethereum fails to clear the $1,915 resistance, it could start a fresh decline. Initial support on the downside is near the $1,885 level.

The first major support is near the $1,875 level, below which the price accelerate lower. The next major support is near the $1,825 support level. If the bulls fail to protect the $1,825 support, there could be a drop to $1,770. Any more losses could open the doors for a move toward the $1,720 support level in the near term.

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 – $1,875

Major Resistance Level – $1,915

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