Ethereum price corrected further below the $1,900 level against the US Dollar. ETH is showing bearish signs and it could decline further towards $1,825.
- Ethereum extended its decline and tested the $1,875 level.
- The price is trading below $1,930 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall further if it sustains below the $1910 and $1940 resistance levels.
Ethereum Price Could Extend Losses
Ethereum price made a fresh attempt to start a decent rally above the $1950 resistance. However, ETH struggled to gain strength to move above $1,950.
A high was formed near $1,943 and the price reacted lower. There was a break below the $1,900 support zone. A new weekly low is formed near $1,875 and the price is now attempting a further rise. It broke through the $1,890 and $1,900 levels.
There was a move above the recent 50% Fibonacci retracement level from the $1,943 high to $1,875 low. Ether is now trading below $1,930 and the 100 hourly simple moving average.
To the upside, immediate resistance is near the $1910 level. There is also a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. The trend line is near the recent decline of the 61.8% Fib retracement level from the $1,943 high to $1,875 low.
Fountain: ETHUSD on TradingView.com
The first major resistance is near the $1950 zone, above which the price could rally towards the $1985 resistance zone. The next major resistance is near the $2,030 level. Further gains could send Ether towards the $2,120 or even $2,200 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1,910, a new decline could begin. Initial support on the downside is near the $1,890 level.
The first major support is near the $1875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. Further losses could send Ether towards the $1,780 support level in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,875
Highest Resistance Level: $1,910
