Ethereum price is slowly falling from the $1,920 resistance to the US dollar. ETH could extend its decline towards the $1,790 support.
- Ethereum is still struggling to surpass the $1,920 resistance.
- The price is trading below $1,900 and the 100-hour Simple Moving Average.
- There was a break below a major bullish trendline with support near USD 1,885 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop further towards the $1,790 support in the coming sessions.
Ethereum price stuck in a range
Ethereum price attempted another upside break above the key $1,920 resistance zone. ETH failed to gain bullish momentum for a close above the USD 1,920 level, similar to Bitcoin.
A high is formed near $1,912 and the price is now moving lower. There was a break below the $1,900 level. The price fell below the 50% Fib retracement level from its recent rise from $1,838 low to $1,912 high. In addition, there was a break below a key bullish trendline with support near USD 1,885 on the ETH/USD hourly chart.
Ether is now trading below $1,900 and the 100-hour Simple Moving Average. It is now testing the 76.4% Fib retracement level from the recent rise from $1,838 low to $1,912 high.
If Ethereum continues above USD 1,850, it could attempt a fresh increase. Immediate resistance is near the $1,880 level or the 100-hour Simple Moving Average. The next major resistance is near the $1,900 level.
Source: ETHUSD at TradingView.com
The main barrier is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could trigger a steady rise and push the price further. 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 $1,900 resistance, it could fall further. The first support on the downside is near the $1,850 level.
The next major support is near the $1,840 level. If there is a move below $1,840, the price could accelerate lower towards $1,790. More losses may perhaps send the price towards the $1,750 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 – $1,840
Major resistance level – $1,900