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Ethereum Price Hints At Potential Fresh Increase But 100 SMA Is The Key

Ethereum Price Hints At Potential Fresh Increase But 100 SMA Is The Key

Ethereum Price

Ethereum price corrected gains and traded below $1,880 against the US Dollar. ETH is holding the $1,850 support and might aim for a fresh increase.

Ethereum Price Holds Key Support

Ethereum’s price failed to gain pace above the $1,925 resistance zone. ETH started a downside correction and traded below the $1,880 support zone, but downsides were limited compared to Bitcoin.

The price tested the $1,850 support zone and the 100-hourly Simple Moving Average. A low is formed near $1,854 and the price is now consolidating losses. It is slowly moving higher and trading above the $1,870 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,925 swing high to the $1,854 low.

Ether’s price is now trading above $1,850 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,880 level. There is also a connecting bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD.

The next major resistance is near the $1,900 zone. It coincides with the 61.8% Fib retracement level of the recent decline from the $1,925 swing high to the $1,854 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,900 resistance zone might send the price toward the $1,925 resistance. The next major resistance might be $2,000. Any more gains could set the pace for a test of the $2,120 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,860 level.

The next major support is near the $1,850 zone, below which ether price might decline toward the $1,800 level. The next key support is near the $1,770 zone. If there is a break below $1,770, the price might extend its decline toward $1,700.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,850

Major Resistance Level – $1,880

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