Ethereum Price Consolidates and Eyes Recovery—Is a Bounce Incoming?

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🚨 ETH Price: Is a Bounce Incoming? 🚨

<a href="https://jpyxx.com/eth-usd/">Ethereum</a> Price Consolidates and Eyes Recovery—Is a Bounce Incoming?

Ethereum price, like a stubborn mule, refused to give up the ghost and started a recovery wave above the $1,820 zone. Now, it’s consolidating, much like a cat trying to decide whether to take a nap or pounce on a toy.

  • Ethereum, that enigmatic and temperamental cryptocurrency, started a recovery wave above the $1,820 level.
  • The price, much like a rebellious teenager, is trading below $1,920 and the 100-hourly Simple Moving Average.
  • There is a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD (data feed via Kraken), a reminder that even the greatest of heroes must face their greatest fears.
  • The pair, much like a couple on the brink of a breakup, must clear the $1,900 and $1,950 resistance levels to start a decent increase.

Ethereum Price Faces Resistance

Ethereum price, like a phoenix from the ashes, formed a base above the $1,760 level and started a recovery wave, much like its illustrious predecessor, Bitcoin. ETH was able to clear the $1,820 and $1,850 resistance levels, a feat worthy of a triumphant parade.

The bulls, those stalwart champions of the digital realm, pushed the price above the $1,920 level. There was a move above the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low, a testament to their unyielding spirit.

Ethereum price, however, is now trading below $1,920 and the 100-hourly Simple Moving Average, a reminder that even the greatest of victories can be short-lived.

There is also a short-term bearish trend line forming with resistance at $1,900 on the hourly chart of ETH/USD, a constant reminder that even the most ardent of optimists must confront the harsh realities of the market.

The first major resistance is near the $1,990 level, a formidable barrier that must be breached in order for the price to reach its full potential. A clear move above the $1,990 resistance might send the price toward the $2,050 resistance, a tantalizing prospect that has left many a trader salivating.

Another Drop In ETH?

If Ethereum fails to clear the $1,950 resistance, it could start another decline, a prospect that has left many a trader quaking in their boots. Initial support on the downside is near the $1,845 level, a meager consolation to those who have invested their hard-earned cash in this enigmatic cryptocurrency.

A clear move below the $1,800 support might push the price toward the $1,750 support, a dire scenario that has left many a trader wondering if they will ever see their investment again.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone, a heartening sign for those who believe in the power of the bulls.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone, a reassuring indicator that the bulls are still in control.

Major Support Level – $1,800

Major Resistance Level – $1,920

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2025-03-14 06:24