Ethereum Price Consolidates and Eyes Recovery—Is a Bounce Incoming?

Ethereum price started a recovery wave above the $1,820 zone. ETH is now consolidating and facing hurdles near the $1,950 resistance.

• Ethereum started a recovery wave above the $1,820 level.
• The price is trading below $1,920 and the 100-hourly Simple Moving Average.
• There is a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $1,900 and $1,950 resistance levels to start a decent increase.

Ethereum Price Faces Resistance

Ethereum price formed a base above the $1,760 level and started a recovery wave, like Bitcoin. ETH was able to clear the $1,820 and $1,850 resistance levels.

The bulls pushed the price above the $1,920 level. There was a move above the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low. However, the bears seem to be active near the $1,950 resistance zone.

Ethereum price is now trading below $1,920 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,900 level.

There is also a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level or the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low.

The first major resistance is near the $1,990 level. A clear move above the $1,990 resistance might send the price toward the $2,050 resistance. An upside break above the $2,050 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,250 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $1,950 resistance, it could start another decline. Initial support on the downside is near the $1,845 level. The first major support sits near the $1,800 zone.

A clear move below the $1,800 support might push the price toward the $1,750 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

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

Major Support Level – $1,800

Major Resistance Level – $1,920