Ethereum price is falling from the $1,900 resistance against the US dollar. ETH could fall sharply if there is a clear move below the $1,800 support.
- Ethereum is still struggling to clear the $1,900 and $1,920 resistance levels.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,855 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could still struggle to break the $1,900 resistance zone.
Ethereum price drops again
The price of Ethereum started to rise again from the $1,775 zone. ETH climbed above the USD 1,850 resistance, but the bears were active again near the USD 1,900 zone, similar to Bitcoin.
A high is formed near $1,898 and the price is now moving lower. There was a break below the $1,850 support zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $1,777 swing low to the $1,898 high.
Ether is now trading below $1,880 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,855 on the ETH/USD hourly chart.
It is now holding the $1,820 support and the 61.8% Fib retracement level from the upward move from the $1,777 swing low to the $1,898 high. Immediate resistance is near the $1,855 zone and the trendline. The next major resistance is near the USD 1,900 level or recent high.
Source: ETHUSD at TradingView.com
A good move above the $1,895 and $1,900 resistance levels could send Ether to $1,920. The next resistance is near $1,950, above which Ethereum could rise to $2,000. More gains above the $2,000 resistance zone could push the price towards the $2,040 resistance.
More downsides in ETH?
If Ethereum fails to clear the $1,855 resistance, it could drop further. The first support on the downside is near the $1,820 level.
The next major support is near the $1,800 level. If there is a break below the $1,800 support, the price could drop towards the $1,740 support. More losses may perhaps send the price towards the $1,700 or even $1,660 level in the coming sessions.
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 below the 50 level.
Major Support Level – $1,800
Major resistance level – $1,900