Ethereum price is struggling to establish itself above the $1,920 resistance against the US Dollar. ETH is still at risk of falling towards the $1,790 support.
- Ethereum is still facing a major hurdle near the $1,920 resistance.
- The price is trading near $1,870 and the 100 hourly simple moving average.
- There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall further if it stays below $1920 and $1930 for a long time.
Ethereum price falls lower
Ethereum price remained below the key $1920 resistance zone. ETH failed to stay above the $1900 zone and extended its decline, similar to Bitcoin.
There was a break below a short-term contracting triangle with support near $1,890 on the hourly chart of ETH/USD. The pair dipped below the $1,865 support and the 100 hourly simple moving average. However, losses were capped at less than $1,850.
A low is formed near $1,838 and the price is now moving higher. It broke the 23.6% Fibonacci retracement level of the recent decline from the $1,930 high to $1,838 low.
Ether is now trading near $1,870 and the 100 hourly simple moving average. Immediate resistance is near the $1,885 level or the 50% Fibonacci retracement level of the recent drop from the $1,930 high to $1,838 low. The next major resistance is near the $1,900 level.
Fountain: ETHUSD on TradingView.com
The key breakout zone is still near the $1,920 and $1,930 levels. If the bulls manage to push Ethereum above the $1930 zone, the price could gain bullish momentum. 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 and the recent low, the price could test $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 losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level: $1,840
Highest Resistance Level: $1,900
