Before ETH undergoes an increase in price, it could correct to $1750 first but it did fail to stay above $1900 and correct lower against the US dollar with the price correcting gains as of late so let’s read more in our latest Ethereum news.
ETH is correcting lower from the $1975 swing high and it is trading below $1900 with the price now testing the $1850 support but it is also well below the 100 hourly simple moving average and a new bullish trend line forming with the support at $1850 and the hourly chart of the pair that will dip further if the bulls don’t remain active at $1750 levels. ETH made another attempt to settle at $2000 but before ETH undergoes a rally, recent swing high was formed near the $1976 before the price started a new decline.
There was a break below $1950 and the $1900 support levels with the price testing the $1850 support and it is now trading well below the 100 hourly simple moving average and a new low is formed near $1853 and the price is now consolidating the losses. The initial resistance on the upside is near the $1880 level and it is close to the 23.6% fib retracement level from the drop at $1976 high to $1853 low. The first major resistance is near the $1910 level or the 100 hourly simple moving average and it is close to the 50% fib retracement level from the drop at $1976 high to 41853 low. The main resistance is now forming near the $1940 level and the connecting bearish trend line on the hourly chart of the pair.
To start a new increase, the price has to settle above $1910 and to gain more momentum above the $1950 level. In the stated case, the price will easily clear the $2000 level so if ETH fails to extend its rise, it could move down again with the first major support nearing the $1850 level. There’s also a major bullish trend line forming with the support at $1850 on the same chart and a clear break below this trend line support could open the doors for a new move to $1750 support in the near-term. The hourly MACD for the pair is gaining momentum in the bearish zone while the hourly RSI for the pair is well below the 50 levels.
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