Ethereum price started a fresh decline below $1,880. ETH is now consolidating losses and might struggle to recover above $1,880 or $1,900.
- Ethereum failed to stay above $1,920 and started a fresh decline.
- The price is trading below $1,900 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $1,900 zone.
Ethereum Price Dips Further
Ethereum price failed to stay above $1,900 and started a fresh decline, like Bitcoin. ETH price traded below the $1,880 and $1,860 levels to enter a bearish zone.
Finally, the bulls appeared near $1,810. A low was formed at $1,811, and the price started a minor recovery wave. There was a move above the $1,840 level, but the price is still below the 23.6% Fib retracement level of the downward move from the $1,995 swing high to the $1,811 low.
Ethereum price is now trading below $1,880 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,820, the price could attempt another increase. Immediate resistance is seen near the $1,870 level.
The first key resistance is near the $1,900 level and the 50% Fib retracement level of the downward move from the $1,995 swing high to the $1,811 low. The next major resistance is near the $1,920 level. There is also a bearish trend line forming with resistance at $1,920 on the hourly chart of ETH/USD.
A clear move above the $1,920 resistance might send the price toward the $1,965 resistance. An upside break above the $1,965 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,020 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $1,900 resistance, it could start a fresh decline. Initial support on the downside is near the $1,835 level. The first major support sits near the $1,820 zone.
A clear move below the $1,820 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,740 region. The main support could be $1,720.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $1,820
Major Resistance Level – $1,900
