Ethereum price extended its decline below $1,920 against the US Dollar. ETH could continue lower if it breaks the $1,820 support zone.
- Ethereum traded further below the $1,920 support.
- The price is trading below $1,920 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent rally if it breaks above the $1,920 and $1,975 levels.
Ethereum price turns red
Ethereum price gained bearish momentum after it settled below the $2,000 support. ETH extended its decline below the $1,950 and $1,920 support levels, similar to Bitcoin.
The bears even pushed the price below the $1,880 support. A low is formed near $1,827 and the price is now consolidating losses. Ether is now trading below $1,920 and the 100 hourly simple moving average. Recently, there was a minor rise above $1,850. There was a break above a major downtrend line with resistance near $1,860 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,900 area. It is near the 23.6% Fib retracement level of the main dip from the $2125 high to $1827 low. The next major resistance is near $1,920.
A bullish break above $1,920 could send Ethereum looking towards $1,975 or the 50% Fibonacci retracement level of the main dip from the $2,125 high to $1,827 low. The next big resistance is near the $2,000 zone, above which the price can start a decent rise.
Fountain: ETHUSD on TradingView.com
In the indicated case, the price could rally towards the $2,080 resistance. More gains could send Ether towards the $2,125 resistance any time soon.
More losses in ETH?
If Ethereum fails to clear the resistance at $1920, it could continue lower. Initial support on the downside is near the $1,840 level.
The next major support is near the $1820 zone or the recent low, below which the ether price could gain bearish momentum. In the indicated case, the price could decline towards $1,765. Any further losses could perhaps send the price to $1,700.
technical indicators
MACD per hour – The MACD for ETH/USD is now losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is below the 50 level.
Major Support Level: $1,820
Highest Resistance Level: $1,920
