Ethereum price started a new decline below the $1,820 support against the US dollar. ETH is showing bearish signs and may further decline to $1,700.
- Ethereum is currently trading lower below the $1,820 support zone.
- The price is trading below $1,800 and the 100 hourly simple moving average.
- Two bearish trend lines are forming with resistance near $1,790 and $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue lower towards the $1,720 and $1,700 levels.
Ethereum Price Extends Losses
Ethereum price failed to recover above the $1,850 resistance zone. ETH started a new decline, trading below the $1,820 support zone, similar to the bitcoin.
The decline picked up pace below the $1,800 level. The price tested the $1,760 zone. A low is forming near $1,761 and the price is now consolidating losses. Ether is trading below $1,800 and 100 hour simple moving average. Two bearish trend lines are also forming on the hourly chart of ETH/USD with resistance near $1,790 and $1,820.
Immediate resistance is near the $1,785 zone and the first trend line. It is near the 23.6% Fib retracement level of the downside move from the $1,873 swing to the $1,761 low.
The first major resistance is near the $1,820 level and the second trend line. It is near the 50% Fib retracement level of the downward move from the $1,873 swing high to the $1,761 low. A close above the $1,820 resistance could send Ether towards $1,850.
Source: ETHUSD on TradingView.com
Another resistance is located near $1,880, above which Ethereum could rise to $1,920. Any further gains above the $1,920 resistance zone could initiate a steady rally towards the $2,000 resistance.
More losses in ETH?
If Ethereum fails to clear the $1,820 resistance, it may continue to move lower. Initial downside support is near the $1,760 level.
Another major support is near the $1,720 zone. Major support could be around $1,700. If there is a close below the $1,700 support, the price could accelerate lower. In the said case, the price may drop down to the $1,640 support zone. Any further losses may send the price towards the $1,600 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 below the 50 level.
Major support level – $1,760
Major resistance level – $1,820
