Ethereum price is slowly falling below the $1,880 level against the US dollar. ETH is still at risk of heading towards the USD 1,790 support.
- Ethereum moves lower from the $1,920 resistance.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- A bearish trendline is forming near $1,840 resistance on the ETH/USD hourly chart (data feed via Kraken) in the near term.
- The pair could drop further towards the $1,790 support in the near term.
Ethereum price is moving towards USD 1,790
Ethereum price remained well below the key resistance zone at $1,920. ETH slowly moved lower below the USD 1,880 and USD 1,865 levels. It even traded to a new weekly low below $1,840, unlike Bitcoin.
A low is forming near USD 1,817 and the price is now consolidating losses. The price is trading below the 23.6% Fib retracement level from the recent drop from the $1,912 swing high to the $1,817 low. A short-term bearish trendline is also forming with resistance near $1,840 on the ETH/USD hourly chart.
Ether is showing bearish signs below USD 1,880 and the 100-hour Simple Moving Average. If Ethereum continues above USD 1,820, it could rise again.
Immediate resistance is near the $1,845 level or trendline. The next major resistance is near the $1,865 level and the 100-hour Simple Moving Average. It is close to the 50% Fib retracement level of the recent drop from the $1,912 swing high to the $1,817 low.
Source: ETHUSD at TradingView.com
The first major resistance is near the $1,880 level. The main breakout zone is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could start another rally. The next resistance is near $2,000, above which the price could rise towards the $2,050 level. Any further gains could send Ether towards the $2,120 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,865 resistance, it could drop further. The first support on the downside is near the $1,820 level.
The next major support is near the $1,790 level. If there is a move below $1,790, the price could drop to $1,740. More losses may perhaps send the price towards the $1,720 support.
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 now below the 50 level.
Major Support Level – $1,790
Major resistance level – $1,865
