Ethereum Price Could See Recovery If It’s Able to Clear $1,800

2023-06-13 04:11:35

Ethereum price is attempting a recovery wave above the $1,740 level against the US Dollar. ETH could rise steadily if there is a move above the $1,780 resistance.

Ethereum is still below the $1,780 and $1,800 resistance levels.
The price is trading below $1,780 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover if there is a move above the $1,780 and $1,800 levels.

Ethereum Price Forms Support Base

Ethereum’s price settled below the $1,775 and $1,780 resistance levels. ETH tested the $1,720 zone and is currently forming a support base, similar to Bitcoin.

A low is formed near $1,718 and the price is attempting a recovery wave. The price is slowly moving higher above the $1,740 level. There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD.

Ether is now testing the 23.6% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low. However, it is still trading below $1,780 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $1,770 zone and the 100-hourly Simple Moving Average. The next major resistance is near the $1,785 level. It is close to the 50% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low.

Source: ETHUSD on TradingView.com

A proper move above the $1,770 and $1,785 resistance levels might send Ether toward $1,820. The next resistance sits near $1,850, above which Ethereum could rise toward the $1,880 level. Any more gains above the $1,880 resistance zone might send the price toward the $1,920 resistance.

Another Drop in ETH?

If Ethereum fails to clear the $1,770 resistance, it could start another decline. Initial support on the downside is near the $1,730 level.

The next major support is near the $1,720 level. If there is a break and close below the $1,720 support, the price could gain bearish momentum toward the $1,640 support. Any more losses may perhaps send the price toward the $1,600 zone.

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 above the 50 level.

Major Support Level – $1,720

Major Resistance Level – $1,780

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