Ethereum

Ethereum is displaying encouraging indications as it surpasses the $1,860 mark, demonstrating a positive trajectory. The price of Ethereum is currently trading above $1,850 and has surpassed the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a notable breakthrough above a significant bearish trend line with resistance near $1,865, as confirmed by the data feed from Kraken.
However, the pair might encounter difficulties in overcoming the $1,920 resistance zone. After a substantial decline, Ethereum's price discovered support near the $1,775 zone. It formed a solid foundation and commenced a fresh ascent above the resistance zone at $1,800, following a similar pattern to Bitcoin.
Notably, the price experienced a clear upward movement beyond the resistance levels at $1,840 and $1,850. Furthermore, a crucial bearish trend line was breached with resistance near $1,865 on the hourly ETH/USD chart. Subsequently, Ether reached a high point close to $1,898 and is consolidating its gains.
Presently, Ether is trading above $1,850 and is positioned above the 100-hourly Simple Moving Average. Additionally, it surpasses the 23.6% Fibonacci retracement level of the recent increase, which extends from the swing low of $1,777 to the high of $1,898.
Immediate resistance can be observed near the $1,900 zone, followed by a more substantial hurdle near the $1,920 level, representing a multi-touch zone. If Ether manages to effectively surpass these resistance levels at $1,900 and $1,920, it has the potential to ascend towards $1,950. Moreover, the subsequent resistance is positioned near $2,000, beyond which Ethereum's value could soar towards $2,040. Further gains above the $2,040 resistance zone might propel the price towards the $2,120 resistance level.
Nevertheless, a downturn may ensue if Ethereum fails to surmount the $1,900 resistance. Initially, support on the downside is anticipated near the $1,860 level, along with the 100-hourly Simple Moving Average. Subsequently, the next crucial support is positioned around the $1,840 zone or the 50% Fibonacci retracement level of the recent increase from the swing low of $1,777 to the high of $1,898. A break below the $1,840 support level may lead to a decline towards the $1,800 support. The price could reach the $1,775 level in the upcoming sessions or even descend further to $1,740.
Analyzing the technical indicators, the hourly MACD for ETH/USD suggests a reduction in bullish momentum. Conversely, the hourly RSI is above the 50 level, implying a positive sentiment. Thus, the major support level is $1,840, while the major resistance level is $1,920.

Ethereum Price Regains Strength But Key Downtrend Resistance Intact

ItsBitcoinWorld

Other articles published on Jun 7, 2023

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