Ethereum price is struggling to climb above the $1,850 zone against the US dollar. ETH could fall towards the $1,800 support in the near term.
- Ethereum is trading in a range below the $1,850 and $1,860 resistance levels.
- The price is trading below $1,850 and the 100-hour Simple Moving Average.
- A major contraction triangle is forming with support near $1,840 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop towards USD 1,800 if it fails to close above the USD 1,860 resistance.
Ethereum price drops again
Ethereum price stayed below the $1,860 resistance zone and reacted to the downside. ETH almost reached $1,853 and fell below the $1,840 level, similar to Bitcoin.
A low is formed at USD 1,837 and the pair is now consolidating losses. It climbed above the 23.6% Fib retracement level from the recent fall from the $1,853 swing high to the $1,837 low. Ether is now trading below $1,850 and the 100-hour Simple Moving Average.
A major contraction triangle is also forming with support near $1,840 on the ETH/USD hourly chart. On the upside, the price may encounter resistance near the $1,845 level or the 100-hour Simple Moving Average.
Source: ETHUSD at TradingView.com
The 50% Fib retracement level of the recent fall from the $1,853 swing high to the $1,837 low is also near $1,845. The first major resistance is near the $1,850 level. The next key resistance is near the $1,860 level. A close above the $1,860 level could send the price towards $1,880. More gains could send the price towards the $1,920 pivot level, above which the price could rise towards the $2,000 zone.
Lose more in ETH?
If Ethereum fails to clear the $1,850 resistance, it could drop further. The first support on the downside is near the $1,840 level or the lower trendline of the triangle.
The first major support is near the $1,835 zone. If the bulls fail to protect the $1,835 support, there could be more losses. The next major support is near the $1,800 support level. Any more losses could send the price towards the $1,740 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 – $1,835
Major resistance level – $1,850
