Ethereum Price Breaking This Confluence Resistance Could Start Recovery

2023-06-14 03:36:20

Ethereum price is finding bids above the $1,720 zone against the US Dollar. ETH could start a decent recovery if there is a move above the $1,770 resistance.

Ethereum is struggling below the $1,770 and $1,780 resistance levels.
The price is trading below $1,770 and the 100-hourly Simple Moving Average.
There was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover if there is a move above the $1,770 and $1,780 levels.

Ethereum Price Holds Support

Ethereum’s price remained well-bid above the $1,720 support zone. ETH seems to be forming a base above the $1,720 level, similar to Bitcoin. A low is formed near $1,718 and the price is slowly moving higher.

There was a move above the $1,740 level. Besides, there was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH/USD. The pair is now struggling to settle above the 23.6% Fib retracement level of the key decline from the $1,855 swing high to the $1,718 low.

Ether is still trading below $1,770 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,760 zone and the 100-hourly Simple Moving Average. The next major resistance is near the $1,770 level. The first major resistance is near $1,780 or the 50% Fib retracement level of the key decline from the $1,855 swing high to the $1,718 low.

Source: ETHUSD on TradingView.com

A proper move above the $1,770 and $1,780 resistance levels might send Ether toward $1,850. The next resistance sits near $1,880, above which Ethereum could rise toward the $1,920 level. Any more gains above the $1,920 resistance zone might send the price toward the $2,040 resistance.

Fresh Decline in ETH?

If Ethereum fails to clear the $1,780 resistance, it could start another decline. Initial support on the downside is near the $1,730 level and the triangle trend line.

The next major support is near the $1,720 level. If there is a break and close below the $1,720 support, the price could start a major decline toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,720

Major Resistance Level – $1,780

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