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

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