Ethereum price is showing bearish signs below the USD 1,900 resistance against the US dollar. ETH could extend its decline towards the $1,780 support.
- Ethereum is showing bearish signs below the USD 1,900 level.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- A short term bullish trendline is forming with support near $1,845 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop further towards $1,825 and $1,780.
Ethereum price falls further
Ethereum price remained in a bearish zone below the USD 1,900 level. ETH struggled to recover and extended its decline below the USD 1,880 level, similar to Bitcoin.
The price fell below the $1,850 support level. A new weekly low is being formed near USD 1,832 and the price is now consolidating losses. There was a small recovery wave above the $1,850 level. The price climbed above the 23.6% Fib retracement level from the recent drop from the $1,904 swing high to the $1,832 low.
Ether is now trading below $1,880 and the 100-hour Simple Moving Average. A short-term bullish trendline is also forming with support near $1,845 on the ETH/USD hourly chart.
On the upside, immediate resistance is near the $1,870 level. It is close to the 50% Fib retracement level of the recent drop from the $1,904 swing high to the $1,832 low. The first major resistance is near the $1,880 level or the 100-hour Simple Moving Average.
Source: ETHUSD at TradingView.com
The next major resistance is near the USD 1,900 zone, above which the price could start a decent increase towards the USD 1,920 hurdle. Any further gains could send Ether towards the $2,000 resistance in the near term. A medium resistance could be $1,945.
Lose more in ETH?
If Ethereum fails to clear the $1,880 resistance, it could fall further. The first support on the downside is near the $1,845 level and trendline.
The first major support is near the $1,825 level, below which the price could gain bearish momentum. The next major support is near the $1,780 support level. More losses could open the door for a move to the $1,720 level in the coming sessions.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,825
Major resistance level – $1,880