Ethereum price extended its decline below the $1,850 level against the US Dollar. ETH could continue moving lower if it sustains below the $1,880 resistance.
- Ethereum remained in a bearish zone and traded below $1,850.
- The price is trading below $1,850 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue moving lower if it sustains below $1850 and $1880.
Ethereum price extends slide
Ethereum price settled below the $1,880 pivot level to move into a bearish zone. ETH extended its decline and traded below the $1,850 support, similar to Bitcoin at $28,000.
The price traded near the $1,800 level. A low is formed near $1,805 and the price is consolidating losses. It is trading below $1,850 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,835 on the hourly chart of ETH/USD.
Immediate resistance is near the $1835 level and the trend line. It is near the 23.6% Fib retracement level of the move down from the $1,940 high to $1,805 low.
The next major resistance seems to be forming near $1,880 and the 100 hourly simple moving average. The 50% Fib retracement level of the move down from the $1,940 high to $1,805 low is also near the $1,880 level.
Fountain: ETHUSD on TradingView.com
A close above the $1880 level could start a new rally. In the indicated case, the price could rally towards the $1,920 resistance. Further gains could send Ether towards the $1,940 resistance. The main hurdle is now forming near the $2,000 zone, above which the price could gain bullish momentum.
More losses in ETH?
If Ethereum fails to clear the resistance at $1835, it could continue lower. Initial support on the downside is near the $1,800 level.
The next major support is near the $1780 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 below the 50 level.
Major Support Level: $1,800
Highest Resistance Level: $1,880
