Ethereum price started a new decline below $1,880. ETH is now consolidating losses and could struggle to recover above $1,880 or $1,900.
- Ethereum failed to stay above $1,920 and started a new decline.
- The price is trading below $1,900 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $1,900 zone.
Ethereum price continues to fall
The price of Ethereum did not stay above $1,900 and started a new decline, just like Bitcoin. ETH price traded below the USD 1,880 and USD 1,860 levels to enter a bearish zone.
Finally, the bulls appeared around $1,810. A low was formed at $1,811, and the price staged a small recovery wave. There was a move above the $1,840 level, but the price is still below the 23.6% Fib retracement level of the downward move from the $1,995 swing high to the $1,811 low.
Ethereum price is now trading below $1,880 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,820, the price could rise again. Immediate resistance is seen around the $1,870 level.
The first major resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $1,995 swing high to the $1,811 low. The next major resistance is around the $1,920 level. A bearish trendline is also forming with resistance at $1,920 on the hourly chart of ETH/USD.
A clear move above the USD 1,920 resistance could send the price towards the USD 1,965 resistance. An upside break above the $1,965 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 2,000 or even USD 2,020 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 1,900 resistance, it could trigger another decline. The initial downside support is near the $1,835 level. The first major support is near the $1,820 zone.
A clear move below the USD 1,820 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 – $1,820
Major resistance level – $1,900