Ethereum price is trying to clear the $1,900 resistance against the US dollar. ETH could gain bearish momentum if it closes below $1,850.
- Ethereum is showing bearish signs below the $1,920 level.
- The price is trading below $1,900 and the 100-hour simple moving average.
- A key bearish trendline is forming with resistance near $1,900 on the hourly chart of ETH/USD (data source via Kraken).
- The pair could steadily decline if the price remains below $1900.
The price of Ethereum remains at risk
Ethereum price once again tried to settle above the $1,900 level. However, ETH failed to gain bullish momentum above the $1,900 resistance and started a new decline, similar to bitcoin.
The price dropped below the $1,885 and $1,875 levels. Bulls are now active above the $1,860 level. A low is forming near $1,863 and the price is now consolidating losses. A key bearish trend line is also forming on the hourly chart of ETH/USD with resistance near $1,900.
Ether is trading below $1,900 and 100 hour simple moving average. On the upside, immediate resistance is near the $1,885 level. It is near the 50% Fib retracement level of the recent decline from the $1,903 swing high to the $1,863 low.
The first major resistance is near the $1,890 level or the 100-hour simple moving average. It is near the 61.8% Fib retracement level of the recent decline from the $1,903 swing high to the $1,863 low.
Source: ETHUSD on TradingView.com
Another major resistance is near the $1,900 level and the trend line above which the price could test the major resistance at $1,920. Any further gains could send Ether towards the $2,000 resistance in the near term.
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 $1,865 level.
The first major support is near the $1,850 level, below which the price could take bearish momentum. Another major support is near the $1,825 support level. A close below $1,825 could trigger sharp bearish moves towards the $1,720 level. Any further losses could open the door for a move to the $1,650 support level.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,850
Major resistance level – $1,900
