The price of Ethereum started a new decline below $1,900. ETH is now consolidating losses and could struggle to recover above $1,920 or $1,950.
- Ethereum failed to stay above $1,950 and started a new decline.
- The price is trading below $1,920 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $1,920 zone.
Ethereum price drops sharply
The price of Ethereum did not remain above $1,920 and started a new decline, just like Bitcoin. ETH price traded below the USD 1,900 and USD 1,880 levels to enter a bearish zone.
Finally, the bulls emerged around $1,850. A low was formed at $1,845, and the price staged a small recovery wave. There was a move above the $1,865 level, but the price is still well below the 23.6% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low.
The Ethereum price is now trading below $1,900 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,850, the price could rise again. Immediate resistance is seen around the $1,880 level.
The first major resistance is near the $1,920 level and the 50% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low. The next major resistance is around the $1,950 level. A bearish trendline is also forming with resistance at $1,950 on the hourly chart of ETH/USD.
A clear move above the USD 1,950 resistance could send the price towards the USD 2,000 resistance. An upside break above the $2,000 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,050 or even USD 2,120 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 1,920 resistance, it could trigger another decline. The initial downside support is near the $1,850 level. The first major support is near the $1,825 zone.
A clear move below the USD 1,825 support could push the price towards the USD 1,780 support. Any further losses could send the price towards $1,740. The main support could be at USD 1,720.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $1,850
Major resistance level – $1,920