Ethereum price extended its decline below $1,920 against the US Dollar. ETH could continue to move down if it breaks the $1,820 support zone.
- Ethereum traded further lower below the $1,920 support.
- The price is trading below $1,920 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if it clears the $1,920 and $1,975 levels.
Ethereum Price Turns Red
Ethereum’s price gained bearish momentum after it settled below the $2,000 support. ETH extended its decline below the $1,950 and $1,920 support levels, similar to Bitcoin.
The bears even pushed the price below the $1,880 support. A low is formed near $1,827 and the price is now consolidating losses. Ether is now trading below $1,920 and the 100-hourly Simple Moving Average. Recently, there was a minor increase above $1,850. There was a break above a major bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,900 zone. It is close to the 23.6% Fib retracement level of the main drop from the $2,125 swing high to the $1,827 low. The next major resistance is near $1,920.
An upside break above $1,920 might send Ethereum toward $1,975 or the 50% Fib retracement level of the main drop from the $2,125 swing high to the $1,827 low. The next major resistance is near the $2,000 zone, above which the price may start a decent increase.
Source: ETHUSD on TradingView.com
In the stated case, the price could rise toward the $2,080 resistance. Any more gains could send Ether toward the $2,125 resistance in the near term.
More Losses in ETH?
If Ethereum fails to clear the $1,920 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level.
The next major support is near the $1,820 zone or the recent low, below which ether price might gain bearish momentum. In the stated case, the price might decline toward $1,765. Any more losses may perhaps send the price toward $1,700.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,820
Major Resistance Level – $1,920
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Author: Aayush Jindal
