Ethereum price started another slide from the $1,920 resistance against the US Dollar. ETH risks further losses if it stays below $1,920 for long.
- Ethereum is now showing bearish signs and well below the $1,920 resistance zone.
- The price is trading below $1,880 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if it breaks the support at $1,840.
Ethereum Price Faces Rejection
Ethereum price started a fresh decline after it failed to clear the $1,920 resistance zone. ETH fell below the $1,880 level to move into a short-term bearish zone, similar to Bitcoin.
There was a sharp move below the $1,860 level. The price even tested the support at $1,840. A low is formed near $1,838 and the price is now consolidating losses. It is testing the 50% Fib retracement level of the recent drop from the $1,882 high to $1,838 low.
Ether is now trading below $1,880 and the 100 hourly simple moving average. There is also a major downtrend line forming with resistance near $1,870 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,865 zone. It is close to the 76.4% Fibonacci retracement level of the recent drop from the $1882 high to $1838 low. The next major resistance is near the $1,880 level. A proper move above the $1865 and $1880 resistance levels could send Ether towards $1900.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $1,920, above which Ethereum could rally to $2,000. More gains above the $2,000 resistance zone could send the price looking towards the $2,120 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 $1,840 level.
The next big support is near the $1,820 area. If there is a close below the $1820 support, the price could drop towards the $1800 support. Any further losses could send the price looking towards the $1,740 level or even $1,720 over the next few sessions.
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 below the 50 level.
Major Support Level: $1,840
Highest Resistance Level: $1,880
