Ethereum price started a fresh decline from the $1,940 resistance against the US Dollar. ETH retested $1,825 and is showing some bearish signs.
- Ethereum struggled to establish itself above the $1,925 and $1,940 resistance levels.
- The price is trading below $1,880 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 moving lower if it breaches the $1,800 support zone.
Ethereum price falls again
The Ethereum price started a new rise above the $1850 zone. ETH struggled to establish itself above the $1,925 and $1,940 resistance levels, similar to Bitcoin at $29,500.
A high was formed near $1,939 and the price started a new decline. There was a sharp drop below the $1,900 and $1,880 levels. Additionally, there was a break below a key uptrend line with support near $1,895 on the hourly chart of ETH/USD.
A low is formed near $1,825 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100 hourly simple moving average.
Immediate resistance is near the $1,850 level. It is close to the 23.6% Fibonacci retracement level of the recent drop from the $1,939 high to $1,825 low. The next major resistance seems to be forming near $1,900 and the 100 hourly simple moving average.
Fountain: ETHUSD on TradingView.com
The 50% Fibonacci retracement level of the recent decline from the $1,939 high to $1,825 low is also near the $1,900 level. A close above the $1900 level could start a new rally. In the indicated case, the price could rally towards the $1,940 resistance. Further gains could send Ether towards the $2,000 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 $1,825 level.
The next major support is near the $1800 zone, below which the price of ether could fall towards the $1740 support zone. Any further losses may take the price to $1,700 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 well below the 50 level.
Major Support Level: $1,800
Highest Resistance Level: $1,900
