Ethereum extended losses below the $1,850 support against the US Dollar. ETH could drop further if there is a clear move below the $1,800 level.
- Ethereum started a fresh decline from the $1,950 resistance zone.
- The price is now trading below $1,900 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance near $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if there is a clear move below the $1,800 level.
Ethereum price remains at risk
Ethereum remained in a bearish zone below the $2,000 resistance zone. ETH traded below the $1,850 support zone to move further into a bearish zone.
The decline found support near the $1,820 level. Ether price is now consolidating losses above the $1,820 level. It is now trading below $1,900 and the 100 hourly simple moving average. The bears are active near the 23.6% Fib retracement level of the recent decline from the $1,956 high to $1,820 low.
Immediate resistance on the upside is near the $1,885 level and the 100 hour simple moving average. It is near the 50% Fib retracement level of the recent swing decline from the $1,956 swing low to $1,820 low.
The main resistance is now forming near the $1900 and $1920 levels. There is also a major bearish trend line forming with resistance near $1,920 on the hourly ETH/USD chart. A clear move above the $1,920 resistance could push the price towards the $1,950 level.
Source: ETHUSD on TradingView.com
To move into a positive zone, the price must break through the $1,950 level. In the indicated case, the price may possibly rise towards the $2,000 level.
More losses in ETH?
If Ethereum fails to break above the $1,920 resistance, it could continue to decline. An initial downside support is seen near the $1,820 area.
The next major support is near $1,800, below which there could be more losses. In the indicated case, the price of Ether might decline towards the $1,760 level. Perhaps further losses could open the doors for a move towards the $1,700 level.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,800
Major resistance level – $1,920