Ethereum price started a fresh decline below the $1,850 level against the US Dollar. ETH is at risk of falling towards the $1,650 support zone anytime soon.
- Ethereum is moving below the $1,880 support zone.
- The price is trading below $1,860 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower if there is a clear move below $1,800.
Ethereum price extends slide
Ethereum price started a new decline and traded below the $1880 support zone. ETH even moved below the $1,850 support to enter a bearish zone, similar to Bitcoin.
The price traded near the $1,800 level. A low is formed near $1,812 and the price is now consolidating losses. It is trading below $1,860 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart of ETH/USD.
Immediate resistance is near the $1860 level and the trend line. The next resistance lies near $1,875 or the 50% Fibonacci retracement level of the move down from the $1,936 high to $1,812 low.
The first major resistance seems to be forming near the $1,888 level or the 100 hourly simple moving average. It is close to the 61.8% Fibonacci retracement level of the move down from the $1,936 high to $1,812 low. A close above the $1888 resistance zone could send Ethereum towards the $1920 resistance.
Fountain: ETHUSD on TradingView.com
More gains could start a decent rally towards the $1,950 resistance. In the indicated case, the price may even rally towards the $2,000 resistance. The next key resistance is near $2,050.
More losses in ETH?
If Ethereum fails to clear the resistance at $1888, it could continue lower. Initial support on the downside is near the $1,810 level or the recent low.
The next major support is near the $1800 zone, below which the price of ether could fall towards the $1720 support zone. Any further losses could send the price looking towards the $1,650 level in the near term.
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 now below the 50 level.
Major Support Level: $1,800
Highest Resistance Level: $1,888
