Ethereum price extended its decline below $1,880 against the US Dollar. ETH is showing bearish signs and could decline further towards $1,800.
- Ethereum is currently attempting a rally wave from the $1,825 zone.
- The price is trading below $1,880 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could try a further rise, but the upside could be limited to near $1,900.
Ethereum Price Faces Resistance
Ethereum price was unable to continue higher above the $1,925 resistance and started a new decline. ETH fell below the $1,900 and $1,880 levels to move into a short-term bearish zone, similar to Bitcoin.
The price even tested the support at $1,825. A low is formed near $1,825 and the price is now attempting a wave of recovery. There was a break above the 23.6% Fibonacci retracement level of the move down from the $1956 high to $1825 low.
Ether price is still trading below $1,880 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,880 level or the 100 hourly simple moving average. The first major resistance is near the $1,890 zone. The next major resistance is near the $1900 level and the trend line. It is close to the 61.8% Fibonacci retracement level of the move down from the $1,956 high to $1,825 low.
Fountain: ETHUSD on TradingView.com
A clear move above the $1905 resistance could start a decent rally towards $1955. The next major resistance is near the $1,975 level. Further gains could send Ether towards the $2,050 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1890 or $1900, it could continue lower. Initial support on the downside is near the $1,840 level.
The first major support is near the $1,825 level, below which there is a risk of a bigger drop. The next big support is near the $1,770 level. Further losses could send Ether towards the support level of $1,720.
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: $1,825
Highest Resistance Level: $1,890