Ethereum price started a fresh decline from the $1,920 resistance against the US Dollar. ETH is moving lower and could dip below the $1,850 support.
- Ethereum is struggling to gain bullish momentum above the $1920 resistance.
- The price is trading below $1,900 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support near $1,895 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move towards the $1,840 and $1,800 levels.
Ethereum Price Faces Another Rejection
Ethereum price attempted another rally above the $1900 resistance. However, ETH struggled to clear the $1920 resistance and started another drop, similar to Bitcoin.
There was a move below the $1,900 support zone. The bears pushed the price below the 50% Fibonacci retracement level of the up move from the $1,838 low to $1,914 high. Additionally, there was a break below a key uptrend line with support near $1,895 on the hourly chart of ETH/USD.
Ether is now trading below $1,900 and the 100 hourly simple moving average. It is also testing the 61.8% Fib retracement level of the up move from the $1,838 low to $1,914 high.
If the price sustains above the $1865 support, it could try a further rise. Immediate resistance is near the $1,900 zone and the 100 hourly simple moving average. The next major resistance is near the $1,900 level. A proper move above the $1,900 and $1,920 resistance levels could send Ether towards $1,940.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $1,965, above which Ethereum could rally to $2,000. More gains above the $2,000 resistance zone could send the price looking towards the $2,120 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1900, it could continue lower. Initial support on the downside is near the $1,868 level.
The next big support is near the $1,855 area. If there is a break below the $1855 support, the price could drop towards the $1840 support. Any further losses could perhaps send the price looking towards the $1,800 or even $1,740 level over the next few sessions.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level: $1,840
Highest Resistance Level: $1,900
