Ethereum price is moving lower from the $1,780 resistance against the US Dollar. ETH could decline sharply if there is a clear move below the $1,720 support.
- Ethereum is struggling to break above the $1,780 and $1,800 resistance levels.
- The price is trading below $1,800 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could drop sharply if there is a close below $1,720.
Ethereum price remains at risk
Ethereum price attempted a further rise above the $1,775 and $1,780 resistance levels. ETH failed to gain bullish momentum above the $1,780 resistance, similar to Bitcoin.
Previously, the price rallied above the 23.6% Fibonacci retracement level of the key drop from the $1854 high to $1718 low. The price is now back below $1,750 and is showing bearish signs. There is also a key bearish trend line forming with resistance near $1,760 on the hourly chart of ETH/USD.
Ether is clearly struggling to break above $1,800 and the 100 hourly simple moving average. Immediate resistance is near the $1,755 zone and the trend line. The next major resistance is near the $1,780 level. It is near the 50% Fib retracement level of the key decline from the $1,854 high to $1,718 low.
Fountain: ETHUSD on TradingView.com
A proper move above the $1,775 and $1,780 resistance levels could send Ether towards $1,850. The next resistance is near $1880, above which Ethereum could rally towards the key barrier at $1920. More gains above the $1,920 resistance zone could send the price looking towards the $2,000 resistance.
More downsides on ETH?
If Ethereum fails to clear the $1,755 resistance, it could continue lower. Initial support on the downside is near the $1,720 level.
The next big support is near the $1,700 level. If there is a break and close below the $1700 support, the price could drop towards the $1640 support. Any further losses could perhaps send the price looking towards the $1,600 or even $1,550 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 now below the 50 level.
Major Support Level: $1,720
Highest Resistance Level: $1,780