Ethereum price gained bearish momentum below $1,860 against the US Dollar. ETH is showing a lot of bearish signs and it could fall to $1,720.
- Ethereum is down more than 4% and is trading well below $1,900.
- The price is trading below $1,840 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move towards the $1,720 and $1,700 levels.
Ethereum price falls more than 4%
Ethereum price failed to break above the $1920 resistance. ETH began a sharp decline below the $1,900 and $1,880 levels to move into a bearish zone, similar to Bitcoin.
The bears were able to push the price below the key support at $1,840. Additionally, there was a break below a connecting uptrend line with support near $1900 on the hourly chart of ETH/USD. The price is down more than 4% and traded near the $1,775 support.
A low is formed near $1,777 and the price is now consolidating losses. It is slowly moving above the 23.6% Fibonacci retracement level of the move down from the $1,912 high to $1,777 low.
Ether is now trading below $1,840 and the 100 hourly simple moving average. Immediate resistance is near the $1,840 zone. The next major resistance is near the $1,850 level or the 50% Fibonacci retracement level of the move down from the $1,912 high to $1,777 low.
Fountain: ETHUSD on TradingView.com
A proper move above the $1840 and $1850 resistance levels could send Ether towards $1900. The next resistance lies near $1,920, above which Ethereum could rally to $1,965. More gains above the $1965 resistance zone could send the price looking towards the $2000 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1840, it could continue lower. Initial support on the downside is near the $1,775 level.
The next big support is near the $1,740 area. If there is a break below the $1740 support, the price could drop towards the $1700 support. Any further losses could perhaps send the price looking towards the $1,660 level or even $1,640.
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: $1,775
Highest Resistance Level: $1,850
