The price of Ethereum started a new decline below the $1,920 level against the US dollar. ETH could extend losses if there is a clear move below the $1,840 support.
- Ethereum is moving lower from the $1,940 resistance zone.
- The price is trading below $1,900 and the 100-hour simple moving average.
- A major bearish trendline is forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower if there is a clear move below $1,840.
The price of Ethereum is rising
Ethereum price tried to clear the $2000 resistance zone and started a new decline. ETH traded below the $1,920 and $1,900 support levels and entered a bearish zone, similar to bitcoin.
The price even traded close to $1,840. A low is forming near $1,843 and the price is now consolidating losses. It is trading below $1,900 and the 100 hourly simple moving average. A major bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $1,900.
Immediate resistance is near the $1,890 level. It is near the 50% Fib retracement level of the recent decline from the $1,936 high to $1,843 low.
The next major resistance appears to be forming near the trend line and $1,900. The the main resistance it is near $1,915 or the 76.4% Fib retracement level of the recent decline from the $1,936 high to $1,843 low. A close above the $1,915 resistance zone could send Ethereum to the $1,940 resistance.
Source: ETHUSD on TradingView.com
Any further gains could initiate a decent rally towards the $2,000 resistance. In the said case, the price may rise up to the $2,050 resistance. Another key resistance is near $2,120.
More losses in ETH?
If Ethereum fails to clear the $1,900 resistance, it may continue to move down. Initial downside support is near the $1,840 level or the recent low.
Another major support is near the $1,800 zone, below which the price of Ether could fall towards the $1,740 support zone. Any further losses may push the price towards the $1,700 level in the near term.
Technical indicators
Hourly MACD – The MACD for ETH/USD is now gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,840
Major resistance level – $1,900
