Ethereum price is showing bearish signs below the $1,900 resistance against the US Dollar. ETH could extend its decline to $1,780 support.
- Ethereum is showing bearish signs below the $1,900 level.
- The price traded below $1,880 and the 100-hour Simple Moving Average.
- There is a short-term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may decline further to $1,825 and $1,780 levels.
Ethereum Price Drops More
The price of Ethereum remains in a bearish zone below the level of $1,900. ETH struggled to recover and extended its decline below the $1,880 level, similar to Bitcoin.
The price dropped below the $1,850 support level. A new weekly low was formed near $1,832 and the price is now consolidating losses. There is a minor wave correction above the $1,850 level. The price rose above the 23.6% Fib retracement level of the recent decline from the $1,904 swing high to the $1,832 low.
Ether is currently trading below $1,880 and the 100-hour Simple Moving Average. There is also a short-term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD.
On the upside, immediate resistance is near the $1,870 level. This is near the 50% Fib retracement level of the recent decline from the $1,904 swing high to the $1,832 low. The first major resistance is near the $1,880 level or the 100-hour Simple Moving Average.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,900 zone, above which the price may start a decent rise to the $1,920 barrier. Any further gains could send Ether to the $2,000 resistance in the near term. An intermediate resistance would be $1,945.
More ETH Losses?
If Ethereum fails to clear the $1,880 resistance, it may continue to move lower. Initial support on the downside is near the $1,845 level and the trend line.
The first major support is near the $1,825 level, below which the price may gain bearish momentum. The next major support is near the $1,780 support level. Any further losses could open the doors for a move towards the $1,720 level in the coming sessions.
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $1,825
Major Resistance Level – $1,880