Ethereum price is showing bearish signs below $1,920 against the US Dollar. ETH could continue lower if it breaches the $1,800 support zone.
- Ethereum did not recover and remained well below the $1920 resistance.
- The price is trading below $1,900 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could initiate a bullish correction if it breaks above the $1,850 and $1,880 levels.
Ethereum price takes a hit
Ethereum price attempted a short-term bullish correction from the $1,820 zone. ETH broke above the $1,850 resistance zone but the upside was limited, similar to Bitcoin.
Ether traded as high as $1,889 and recently started a new decline. There was a break below the $1,820 level. A new weekly low is formed near $1,807 and the price is now consolidating losses. It is trading below $1,900 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $1,845 on the hourly chart of ETH/USD. Immediate resistance is near the $1,845 zone and the trend line. It is close to the 50% Fib retracement level of the recent drop from the $1,889 high to $1,807 low.
The next major resistance is near $1,860 or the 61.8% Fibonacci retracement level of the recent drop from the $1,889 high to $1,807 low. A bullish break above $1,860 could send Ethereum looking towards $1,900. The main resistance is still near the $1,920 level.
Fountain: ETHUSD on TradingView.com
If the bulls can push Ether above the $1920 level, there could be a steady rally. In the indicated case, the price could rally towards the $2,000 resistance. Further gains could send Ether towards the $2,080 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1845, it could continue lower. Initial support on the downside is near the $1,810 level.
The next major support is near the $1800 zone, below which the ether price could gain bearish momentum. In the indicated case, the price could decline towards $1,765. Further losses can take the price to $1,700.
technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level: $1,800
Highest Resistance Level: $1,920
