Ethereum price drops below the $1,850 zone against the US dollar. ETH could extend losses and trade below the $1,800 support.
- Ethereum is slowly moving lower than the $1,850 and $1,840 resistance levels.
- The price is trading below $1,840 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,835 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop further below the USD 1,800 support in the near term.
Ethereum price turns red
Ethereum price struggled to recover above the $1,860 resistance zone. ETH remained in a bearish zone and extended its decline below the USD 1,850 level, similar to Bitcoin.
There was a clear move below the $1,830 support and the price fell towards $1,800. A low is forming near USD 1,811 and the price is now consolidating losses. There was a recovery wave above the $1,820 level. The price climbed above the 23.6% Fib retracement level from the recent drop from the $1,854 swing high to the $1,811 low.
Ether is now trading below $1,840 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,835 on the ETH/USD hourly chart.
On the upside, the price may encounter resistance near the $1,835 level or trendline. It is close to the 50% Fib retracement level of the recent drop from the $1,854 swing high to the $1,811 low. The next resistance is near $1,840 or the 100-hour Simple Moving Average.
Source: ETHUSD at TradingView.com
The first major resistance is near the $1,850 level. The next key resistance is near the $1,860 level. A close above the USD 1,860 level could start a decent rise towards USD 1,900. 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 $1,840 resistance, it could drop further. The first support on the downside is near the $1,810 level.
The first major support is near the $1,800 zone. If the bulls fail to protect the $1,800 support, there could be more losses. The next major support is near the $1,760 support level. Any more losses could send the price towards the $1,720 level in the near term.
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 – $1,800
Major resistance level – $1,850