Ethereum price is slowly moving lower from the $1,920 resistance against the US Dollar. ETH could extend its decline towards the $1,790 support.
- Ethereum is still struggling to break above the $1,920 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 $1,885 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall further towards the $1,790 support in the coming sessions.
Ethereum price stuck in a range
Ethereum price attempted another bullish breakout above the key $1,920 resistance zone. ETH failed to gain bullish momentum for a close above the $1,920 level, similar to Bitcoin.
A high is formed near $1,912 and the price is now moving lower. There was a break below the $1,900 level. The price dipped below the 50% Fibonacci retracement level of the recent rise from the $1,838 low to $1,912 high. Additionally, there was a break below a key uptrend line with support near $1,885 on the hourly chart of ETH/USD.
Ether is now trading below $1,900 and the 100 hourly simple moving average. It is now testing the 76.4% Fibonacci retracement level of the recent rise from the $1838 low to $1912 high.
If Ethereum sustains above $1,850, it could try another rally. Immediate resistance is near the $1,880 level or the 100 hourly simple moving average. The next major resistance is near the $1,900 level.
Fountain: ETHUSD on TradingView.com
The main barrier is still near the $1,920 and $1,930 levels. A close above the $1930 zone could start a steady rise and send the price higher. 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 $1900, it could continue lower. Initial support on the downside is near the $1,850 level.
The next big support is near the $1,840 level. If there is a move below $1,840, the price could accelerate to $1,790. Any further losses could perhaps send the price towards the $1,750 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: $1,840
Highest Resistance Level: $1,900
