The price of Ethereum started a new decline below the $1,820 support against the US Dollar. ETH is showing bearish signs and may drop further to $1,700.
- Ethereum is currently operating below the $1,820 support zone.
- The price traded below $1,800 and the 100-hour Simple Moving Average.
- There are two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue lower towards the $1,720 and $1,700 levels.
Ethereum Price Extends Losses
Ethereum price failed to recover above the $1,850 resistance zone. ETH started a new decline and traded below the $1,820 support zone, similar to Bitcoin.
The decline gained momentum below the $1,800 level. The price tested the $1,760 zone. A low was formed near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and the 100-hour Simple Moving Average. There are also two bearish trend lines forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD.
Immediate resistance near the $1,785 zone and the first trend line. This is near the 23.6% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low.
The first major resistance is near the $1,820 level and the second is the trend line. This is near the 50% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low. A close above the $1,820 resistance could send Ether to $1,850.
Source: ETHUSD on TradingView.com
The next resistance sits near $1,880, above which Ethereum could rise to $1,920. Any further gains above the $1,920 resistance zone could start a steady rise towards the $2,000 resistance.
More ETH Losses?
If Ethereum fails to clear the $1,820 resistance, it may continue to decline. Initial support on the downside is near the $1,760 level.
The next major support is near the $1,720 zone. The main support will be near $1,700. If there is a close below the $1,700 support, the price may accelerate downwards. In the stated case, the price may fall to the $1,640 support zone. Any further losses could send the price to the $1,600 level.
Technical Signs
Hourly MACD – The MACD for ETH/USD is strengthening in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,760
Major Resistance Level – $1,820
