Ethereum

Convergence

Fade

Divergence

<a href="https://bitcoinworld.co.in/ethereum-price-recovery-could-soon-fade-if-it-fails-to-clear-1900/" title="Ethereum Price Recovery Could Soon Fade If It Fails To Clear $1,900" rel="noopener noreferrer nofollow"></a> 
Ethereum (ETH) shows signs of a slow upward movement above the $1,850 zone. Currently trading above $1,870 and the 100-hourly Simple Moving Average, the cryptocurrency is forming a key bullish trend line with the support of around $1,855 on the hourly chart of ETH/USD (data feed via Kraken). 
The recent short-term recovery wave started from the $1,830 zone, allowing ETH to regain ground above the $1,850 and $1,860 levels, following Bitcoin’s similar pattern. However, the $1,900 level continues to be a challenge for the bulls, with a high formed near $1,886, leading to a consolidation phase. 
A slight decline below the 23.6% Fibonacci retracement level of the upward move from the $1,832 swing low to the $1,886 high has been observed. Nonetheless, Ethereum remains above $1,870 and the 100-hourly Simple Moving Average, indicating continued potential for upward movement. 
The key bullish trend line on the hourly chart provides crucial support near $1,855. This trend line is also close to the 50% Fibonacci retracement level of the upward move, further reinforcing its significance. 
Looking ahead, immediate resistance can be found around the $1,885 level, followed by the recent high at $1,900. The next major resistance lies near the $1,920 level. Breaking above this level could pave the way for a more significant increase, potentially leading to further resistance at $1,975 and even $2,000 in the near term. 
On the flip side, a fresh decline may occur if Ethereum struggles to overcome the $1,900 resistance. The initial support level on the downside is around $1,865, aligned with the 100-hourly SMA. 
A more critical support level sits at $1,855, where the bullish trend line converges. A break below this level could push the price into a bearish zone. In such a scenario, the next significant support is expected around the $1,830 level. 
Regarding technical indicators, the hourly Moving Average Convergence Divergence (MACD) for ETH/USD shows a loss of bullish momentum, while the hourly Relative Strength Index (RSI) is currently above the 50 level, indicating a positive sentiment. 
Ethereum’s price is gradually climbing, but it faces significant resistance around $1,900. A successful breach of this level could lead to further gains, potentially surpassing the $2,000 hurdle in the near future. However, failure to overcome the resistance might trigger a downward movement, with key support levels to watch at $1,855 and $1,830. Traders and investors must closely monitor these levels to gauge the cryptocurrency’s next move. 
&nbsp; 
The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/ethereum-price-recovery-could-soon-fade-if-it-fails-to-clear-1900/">Ethereum Price Recovery Could Soon Fade If It Fails To Clear $1,900</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Ethereum Price Recovery Could Soon Fade If It Fails To Clear $1,900

ItsBitcoinWorld

Other articles published on Jul 28, 2023

Crypto.com Dutch Central Bank Grants Official Approval to

Potensi Ancaman terhadap Pepe Coin (PEPE)

Elon Musk Masih Dukung Doge Setelah Twitter Ganti Logo?

3 Negara Bagian di AS Ramah Crypto

Kontroversi Greenpeace Melawan Penambangan Bitcoin

U.S. House Panel Greenlights Key Crypto Regulatory Bills

Join our free newsletter for daily crypto updates!