Ethereum price corrected further lower below the $1,900 level against the US Dollar. ETH is showing bearish signs and it could drop further towards USD 1,825.
- Ethereum extended its decline and tested the USD 1,875 level.
- The price is trading below $1,930 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $1,910 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop further if it stays below the USD 1,910 and USD 1,940 resistance levels.
Ethereum price can magnify losses
Ethereum price made another attempt to start a decent increase above the USD 1,950 resistance. However, ETH struggled to gain strength for a move above $1,950.
A high was formed near $1,943 and the price reacted on the downside. There was a break below the $1,900 support zone. A new weekly low is being formed near USD 1,875 and the price is now attempting a rise again. It broke the $1,890 and $1,900 levels.
There was a move above the 50% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Ether is now trading below $1,930 and the 100-hour Simple Moving Average.
On the upside, immediate resistance is near the $1,910 level. A connecting bearish trendline is also forming with resistance near $1,910 on the ETH/USD hourly chart. The trendline is near the recent decline of the 61.8% Fib retracement level from the $1,943 swing high to the $1,875 low.
Source: ETHUSD at TradingView.com
The first major resistance is near the $1,950 zone, above which the price could rise towards the $1,985 resistance zone. The next major resistance is near the $2,030 level. Any further gains could send Ether towards the $2,120 resistance or even $2,200.
Lose more in ETH?
If Ethereum fails to clear the $1,910 resistance, it could start a fresh decline. The first support on the downside is near the $1,890 level.
The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. More losses could send Ether towards the $1,780 support level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,875
Major resistance level – $1,910
