Ethereum price started a fresh decline below the $1,920 level against the US Dollar. ETH could extend the losses if there is a clear move below the $1,840 support.
- Ethereum is moving lower from the $1,940 resistance zone.
- The price is trading below $1,900 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower if there is a clear move below $1,840.
Ethereum price is affected
Ethereum price struggled to clear the $2,000 resistance zone and started a new decline. ETH traded below the $1920 and $1900 support levels to enter a bearish zone, similar to Bitcoin.
The price even traded near $1,840. A low is formed near $1,843 and the price is now consolidating losses. It is trading below $1,900 and the 100 hourly simple moving average. There is also a major downtrend line forming with resistance near $1,900 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,890 level. It is close to the 50% Fib retracement level of the recent drop from the $1,936 high to $1,843 low.
The next big resistance seems to be forming near the trend line and $1,900. The main resistance is near $1,915 or the 76.4% Fibonacci retracement level of the recent drop from the $1,936 high to $1,843 low. A close above the $1915 resistance zone could send Ethereum towards the $1940 resistance.
Fountain: ETHUSD on TradingView.com
More gains could start a decent rally towards the $2,000 resistance. In the indicated case, the price may even rally towards the $2,050 resistance. The next key resistance is near $2,120.
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 $1,840 level or the recent low.
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 could send the price looking towards the $1,700 level 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 now below the 50 level.
Major Support Level: $1,840
Highest Resistance Level: $1,900
