{"id":25091,"date":"2023-06-07T03:52:36","date_gmt":"2023-06-07T07:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25091"},"modified":"2023-06-07T03:52:36","modified_gmt":"2023-06-07T07:52:36","slug":"ethereum-price-regains-strength-but-key-downtrend-resistance-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/07\/ethereum-price-regains-strength-but-key-downtrend-resistance-intact\/","title":{"rendered":"Ethereum Price Regains Strength But Key Downtrend Resistance Intact"},"content":{"rendered":"

Ethereum price recovered losses and traded above $1,860 against the US Dollar. ETH must clear $1,920 to start a strong increase in the near term.<\/em><\/p>\n

Ethereum is showing positive signs above the $1,860 level.
\nThe price is trading above $1,850 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could still struggle to clear the $1,920 resistance zone.<\/p>\n

Ethereum Price Trims Losses<\/h2>\n

Ethereum\u2019s price found support near the $1,775 zone after a major decline<\/a>. ETH formed a base and started a fresh increase above the $1,800 resistance zone, similar to Bitcoin<\/a>.<\/p>\n

There was a clear move above the $1,840 and $1,850 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH\/USD. A high is formed near $1,898 and the price is now consolidating gains.<\/p>\n

Ether is now trading above $1,850 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high.<\/p>\n\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

Immediate resistance is near the $1,900 zone. The next major resistance is near the $1,920 level (a multi-touch zone). A proper move above the $1,900 and $1,920 resistance levels might send Ether toward $1,950. The next resistance sits near $2,000, above which Ethereum could rise toward $2,040. Any more gains above the $2,040 resistance zone might send the price toward the $2,120 resistance.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.<\/p>\n

The next major support is near the $1,840 zone or the 50% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could decline toward the $1,800 support. Any more losses may perhaps send the price toward the $1,775 level or even $1,740 in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is above the 50 level.<\/p>\n

Major Support Level \u2013 $1,840<\/p>\n

Major Resistance Level \u2013 $1,920<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price recovered losses and traded above $1,860 against the US Dollar. ETH must clear $1,920 to start a strong increase in the near term.<\/em><\/p>\n

Ethereum is showing positive signs above the $1,860 level.
\nThe price is trading above $1,850 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could still struggle to clear the $1,920 resistance zone.<\/p>\n

Ethereum Price Trims Losses<\/h2>\n

Ethereum\u2019s price found support near the $1,775 zone after a major decline<\/a>. ETH formed a base and started a fresh increase above the $1,800 resistance zone, similar to Bitcoin<\/a>.<\/p>\n

There was a clear move above the $1,840 and $1,850 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $1,865 on the hourly chart of ETH\/USD. A high is formed near $1,898 and the price is now consolidating gains.<\/p>\n

Ether is now trading above $1,850 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high.<\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

Immediate resistance is near the $1,900 zone. The next major resistance is near the $1,920 level (a multi-touch zone). A proper move above the $1,900 and $1,920 resistance levels might send Ether toward $1,950. The next resistance sits near $2,000, above which Ethereum could rise toward $2,040. Any more gains above the $2,040 resistance zone might send the price toward the $2,120 resistance.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

If Ethereum fails to clear the $1,900 resistance, it could start another decline. Initial support on the downside is near the $1,860 level and the 100-hourly Simple Moving Average.<\/p>\n

The next major support is near the $1,840 zone or the 50% Fib retracement level of the recent increase from the $1,777 swing low to the $1,898 high. If there is a break below the $1,840 support, the price could decline toward the $1,800 support. Any more losses may perhaps send the price toward the $1,775 level or even $1,740 in the coming sessions.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is above the 50 level.<\/p>\n

Major Support Level \u2013 $1,840<\/p>\n

Major Resistance Level \u2013 $1,920<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25091","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25091"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25091\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25091"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}