Ethereum price started a fresh drop from the $1,920 resistance against the US dollar. ETH is moving lower and may dip below the $1,850 support.
- Ethereum is struggling to gain bullish momentum above the USD 1,920 resistance.
- The price is trading below $1,900 and the 100-hour Simple Moving Average.
- There was a break below a key bullish trendline with support near USD 1,895 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could decline further towards the USD 1,840 and USD 1,800 levels.
Ethereum price faces another rejection
Ethereum price attempted to rise again above the $1,900 resistance. However, ETH struggled to clear the $1,920 resistance and started falling again, similar to Bitcoin.
There was a move below the $1,900 support zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $1,838 swing low to the $1,914 high. In addition, there was a break below a key bullish trendline with support near USD 1,895 on the ETH/USD hourly chart.
Ether is now trading below $1,900 and the 100-hour Simple Moving Average. It also tests the 61.8% Fib retracement level of the upward move from the $1,838 swing low to the $1,914 high.
If the price remains above the $1,865 support, it may attempt another increase. Immediate resistance is near the $1,900 zone and the 100-hour Simple Moving Average. The next major resistance is near the $1,900 level. A good move above the $1,900 and $1,920 resistance levels could send Ether to $1,940.
Source: ETHUSD at TradingView.com
The next resistance is near $1,965, above which Ethereum could rise to $2,000. More gains above the $2,000 resistance zone could push the price towards the $2,120 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,900 resistance, it could fall further. The first support on the downside is near the $1,868 level.
The next major support is near the $1,855 zone. If there is a break below the $1,855 support, the price could drop towards the $1,840 support. More losses may perhaps send the price towards the $1,800 or even $1,740 level in the coming sessions.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,840
Major resistance level – $1,900