The Ethereum price started to fall again and traded below $1,950. ETH is now consolidating below $1,920 and could continue to fall.
- Ethereum remained in a bearish zone after another decline below $1,950.
- The price is trading below $1,950 and the 100-hourly Simple Moving Average.
- There was a break below a contracting triangle with support at $1,975 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it remains below the $2,000 zone.
Ethereum price extends decline
The price of Ethereum did not remain stable above $2,000 and, like Bitcoin, started a new decline. ETH price fell below the USD 1,980 and USD 1,950 levels.
There was a break below a contracting triangle with support at $1,975 on the hourly chart of ETH/USD. The price even traded below $1,920. A low was formed at $1,836, and the price is now consolidating losses well below the 23.6% Fib retracement level of the downward move from the $2,003 swing high to the $1,836 low.
The Ethereum price is now trading below $1,950 and the 100-hourly Simple Moving Average. If the bulls continue to act above $1,840, the price could rise again. Immediate resistance is seen around the $1,880 level.
The first major resistance is near the $1,900 level. The next major resistance is near the $1,920 level and the 50% Fib retracement level of the downward move from the $2,003 swing high to the $1,836 low. A clear move above the USD 1,920 resistance could send the price towards the USD 1,950 resistance. An upside break above the $1,950 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.
More disadvantages of ETH?
If Ethereum fails to clear the USD 1,950 resistance, it could trigger another decline. The initial downside support is near the $1,840 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 – $1,840
Major resistance level – $1,950