Ethereum price is slowly moving below the $1,880 level against the US Dollar. ETH is still at risk of moving towards the $1,790 support.
- Ethereum is moving lower from the $1,920 resistance.
- The price is trading below $1,880 and the 100 hourly simple moving average.
- A short-term downtrend line is forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall further towards the support of $1,790 in the near term.
Ethereum price moves towards $1,790
Ethereum price remained well below the key $1920 resistance zone. ETH slowly moved below the $1,880 and $1,865 levels. It even traded to a new weekly low below $1,840, unlike Bitcoin.
A low is formed near $1,817 and the price is now consolidating losses. Price is trading below the 23.6% Fibonacci retracement level of the recent drop from the $1912 high to $1817 low. There is also a short-term downtrend line forming with resistance nearby. at $1,840 on the hourly chart of ETH/USD.
Ether is showing bearish signs below $1,880 and the 100 hourly simple moving average. If Ethereum manages to stay above $1820, it could go higher again.
Immediate resistance is near the $1845 level or the trend line. The next major resistance is near the $1,865 level and the 100 hourly simple moving average. It is close to the 50% Fibonacci retracement level of the recent drop from the $1,912 high to $1,817 low.
Fountain: ETHUSD on TradingView.com
The first key resistance is near the $1,880 level. The key breakout zone is still near the $1,920 and $1,930 levels. A close above the $1930 zone could start a new rally. The next resistance is near $2000, above which the price could rally to the $2050 level. Further gains could send Ether towards the $2,120 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1865, it could continue lower. Initial support on the downside is near the $1,820 level.
The next big support is near the $1,790 level. If there is a move below $1,790, the price could drop to $1,740. Any further losses could perhaps send the price towards the $1,720 support.
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: $1,790
Highest Resistance Level: $1,865
