Ethereum Price Poised for Further Declines Unless this Level Gives Way

2023-07-26 05:04:08

Ethereum price is recovering from the $1,830 zone against the US Dollar. ETH could extend its decline if it stays below the $1,880 resistance.

Ethereum is slowly moving higher from the $1,830 zone.
The price is trading below $1,870 and the 100-hourly Simple Moving Average.
There is a short-term bullish rising channel forming with support near $1,850 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to rise above the $1,870 and $1,880 resistance levels.

Ethereum Price Faces Resistance

Ethereum’s price extended its decline below the $1,900 level. ETH even traded below the $1,850 level to move into a bearish zone, similar to Bitcoin.

A new weekly low is formed near $1,832 and the price is now attempting a recovery wave. There was a minor increase above the $1,850 resistance zone. The price moved above the 23.6% Fib retracement level of the downward move from the $1,903 swing high to the $1,832 low.

Ether is now trading below $1,870 and the 100-hourly Simple Moving Average. There is also a short-term bullish rising channel forming with support near $1,850 on the hourly chart of ETH/USD.

On the upside, immediate resistance is near the $1,870 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward move from the $1,903 swing high to the $1,832 low. The first major resistance is near the $1,875 level.

Source: ETHUSD on TradingView.com

The main resistance is near the $1,900 zone, above which the price might rise toward the $1,920 hurdle. Any more gains could send Ether toward the $2,000 resistance or even $2,050 in the near term.

More Losses in ETH?

If Ethereum fails to clear the $1,875 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level and the channel lower trend line.

The first major support is near the $1,830 zone, below which the price might move further into a bearish zone. The next major support is near the $1,780 support level. Any more losses could open the doors for a move toward the $1,720 level in the coming sessions.

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 – $1,830

Major Resistance Level – $1,875

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