Ethereum price did not break above $1,880 and declined against the US Dollar. ETH is struggling and could continue lower towards the $1,790 support.
- Ethereum is currently moving lower from the $1,880 resistance zone.
- The price is trading below $1,830 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower towards the $1,790 and $1,780 levels.
Ethereum price fails again
Ethereum price attempted a further rally above the $1850 resistance zone. However, the ETH bears remained active near the $1880 level and the price began another drop, similar to Bitcoin.
The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50% Fibonacci retracement level of the up move from the $1,792 low to $1,873 high. Ether price is now trading below $1,830 and the 100 hourly simple moving average.
There is also a connecting bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. Immediate resistance is near the $1,830 zone and the 100 hourly simple moving average.
Fountain: ETHUSD on TradingView.com
The first major resistance is near the $1840 level and the trend line. A close above the $1840 resistance could send Ether towards $1880. The next resistance lies near $1,920, above which Ethereum could rally to $2,000. More gains above the $2,000 resistance zone could start a steady rally towards the $2,120 resistance.
More losses in ETH?
If Ethereum fails to clear the resistance at $1840, it could continue lower. Initial support on the downside is near the $1,810 level and the 76.4% Fibonacci retracement level of the up move from the $1,792 low to $1,873 high.
The next big support is near the $1,790 zone. Major support lies at $1,770. If there is a close below the $1,770 support, the price could gain bearish momentum. In the indicated case, the price could fall towards the support zone of $1,720. Any further losses could perhaps trigger a move towards the $1,650 support zone in the coming 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: $1,775
Highest Resistance Level: $1,840
