Ethereum price is falling from the $1,780 resistance against the US dollar. ETH could fall sharply if there is a clear move below the $1,720 support.
- Ethereum is struggling to clear the $1,780 and $1,800 resistance levels.
- The price is trading below $1,800 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,760 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop sharply if it closes below USD 1,720.
Ethereum price remains in danger
The price of Ethereum once again attempted to climb above the $1,775 and $1,780 resistance levels. ETH failed to gain bullish momentum above the USD 1,780 resistance, similar to Bitcoin.
Previously, the price climbed above the 23.6% Fib retracement level from the main drop from the $1,854 swing high to the $1,718 low. The price is now back below USD 1,750 and it is showing bearish signs. A major bearish trendline is also forming with resistance near $1,760 on the ETH/USD hourly chart.
Ether is clearly struggling to clear $1,800 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,755 zone and the trendline. The next major resistance is near the $1,780 level. It is close to the 50% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low.
Source: ETHUSD at TradingView.com
A good move above the $1,775 and $1,780 resistance levels could send Ether to $1,850. The next resistance is near $1,880, above which Ethereum could rise to the key $1,920 barrier. More gains above the $1,920 resistance zone could push the price towards the $2,000 resistance.
More downsides in ETH?
If Ethereum fails to clear the $1,755 resistance, it could drop further. The first support on the downside is near the $1,720 level.
The next major support is near the $1,700 level. If there is a break and it breaks below the $1,700 support, the price could drop towards the $1,640 support. More losses may perhaps send the price towards the $1,600 or even $1,550 level in the coming sessions.
Technical indicators
MACD per hour – The MACD for ETH/USD is gaining strength in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,720
Major resistance level – $1,780
