Ethereum price once again failed to clear the $1,900 resistance against the US Dollar. ETH is declining and it could revisit the $1,825 support zone.
- Ethereum broke above the $1,900 resistance and declined.
- The price is trading below $1,880 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support near $1,875 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline towards $1,845 or even $1,825.
Ethereum price resumes slide
Ethereum price made another to clear the key resistance at $1,900. However, ETH failed to gain pace above the $1,900 resistance and reacted lower, similar to Bitcoin.
A high was formed near $1,901 and the price dipped below $1,880. There was a break below a key uptrend line with support near $1,875 on the hourly chart of ETH/USD. The pair traded below the 76.4% Fibonacci retracement level of the up move from the $1,862 low to $1,901 high.
Ether is now trading below $1,870 and the 100 hourly simple moving average. It looks like the bears are in control and could target a move below the $1,862 low.
Fountain: ETHUSD on TradingView.com
To the upside, immediate resistance is near the $1880 level and the 100 hourly SMA. The first major resistance is near the $1,890 zone. The main resistance is still near $1,900. A close above the $1900 resistance could start a decent rally. The next major resistance is near the $1,955 level. Further gains could send Ether towards the $2,000 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1880, it could continue lower. Initial support on the downside is near the $1860 level or the latest low at $1862.
The first major support is near the $1,845 level, below which price could test the 1,618 Fibonacci extension level of the move up from the $1,862 low to $1,901 high at $1,838. The next big support is near the $1,825 level. Further losses could send Ether towards the $1,770 support level in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining 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: $1,900
