Ethereum Price Lacks Momentum But ETH Holders Are Safe: Here’s Why

2023-07-12 04:12:55

Ethereum price is consolidating below the $1,900 resistance against the US Dollar. ETH could attempt another increase unless there is a close below $1,825.

Ethereum is trading in a range above the $1,850 level.
The price is trading above $1,870 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears $1,890 and $1,900.

Ethereum Price Holds Support

Ethereum’s price made another attempt to gain strength above $1,900. However, ETH failed to settle above the $1,900 resistance and remained in a range, similar to Bitcoin.

There was a bearish reaction below $1,880. A low is formed near $1,862 and the price is now moving higher. There was a break above the $1,880 level. The price climbed above the 50% Fib retracement level of the recent drop from the $1,905 swing high to the $1,862 low.

Ether is now trading above $1,870 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,890 level. There is also a key bearish trend line forming with resistance near $1,890 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The trend line is close to the 61.8% Fib retracement level of the recent drop from the $1,905 swing high to the $1,862 low. The first major resistance is near the $1,900 zone. A close above the $1,900 resistance could start a decent increase toward $1,955. The next major resistance is near the $1,975 level. Any more gains could send Ether toward the $2,050 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,870 level or the 100-hourly Simple Moving Average.

There is also a connecting bullish trend line at $1,870. The first major support is near the $1,845 level, below which the price might revisit the key support at $1,825. The next major support is near the $1,770 level. Any more losses could send Ether 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 above the 50 level.

Major Support Level – $1,845

Major Resistance Level – $1,900

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