Ethereum Price Rebounds But Here’s Why Upsides Might Be Limited

Ethereum price is attempting a recovery wave from the $1,835 zone against the US Dollar. ETH could start a steady increase if it clears the $1,860 resistance. Ethereum is trading in a range below the $1,860 and $1,880 resistance levels. The price is trading below $1,850 and the 100-hourly Simple Moving Average. There was a break below a short-term rising channel with support near $1,845 on the hourly chart of ETH/USD (data feed via Kraken). The pair could drop again if it stays below the $1,860 resistance. Ethereum Price Turns Red Ethereum’s price struggled to clear the $1,860 resistance zone and started a fresh decline. ETH settled below the $1,850 level to move into a bearish zone, similar to Bitcoin. There was a break below a short-term rising channel with support near $1,845 on the hourly chart of ETH/USD. The pair tested the $1,830 zone. A low is formed near $1,833 and the price is now attempting a recovery wave. There was a move above the $1,840 level. The price traded above the 23.6% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. Ether is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,850 level. It is near the 50% Fib retracement level of the downward move from the $1,860 swing high to the $1,833 low. The first major resistance is near the $1,860 level. The next key resistance is near the $1,880 level. Source: ETHUSD on TradingView.com A close above the $1,880 level could send the price toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120. More Losses in ETH? If Ethereum fails to clear the $1,860 resistance, it could continue to move down. Initial support on the downside is near the $1,835 level or the recent low. The first major support is near the $1,820 zone. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,780 support level. Any more losses might send the price toward the $1,720 level in the near term. 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 below the 50 level. Major Support Level – $1,820 Major Resistance Level – $1,860