Ethereum price failed to move above $1,880 and fell against the US dollar. ETH is struggling and may continue lower towards the $1,790 support.
- Ethereum is currently moving lower off the $1,880 resistance zone.
- The price is trading below $1,830 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $1,840 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could accelerate lower towards the $1,790 and $1,780 levels.
Ethereum price fails again
The price of Ethereum once again attempted to climb above the $1,850 resistance zone. However, ETH bears continued to operate near the $1,880 level and the price started falling again, similar to Bitcoin.
The price fell from the high of $1,873 and traded below the $1,850 support. There was clear movement below the 50% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hour Simple Moving Average.
A contiguous bearish trendline is also forming with resistance near $1,840 on the ETH/USD hourly chart. Immediate resistance is near the $1,830 zone and the 100-hour Simple Moving Average.
Source: ETHUSD at TradingView.com
The first major resistance is near the USD 1,840 level and trendline. A close above the USD 1,840 resistance could send Ether towards USD 1,880. The next resistance is near $1,920, above which Ethereum could rise to $2,000. Any gains above the $2,000 resistance zone could trigger a steady rise towards the $2,120 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,840 resistance, it could drop further. Initial support on the downside is near the $1,810 level and the 76.4% Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high.
The next major support is near the $1,790 zone. The main support sits at $1,770. If a close breaks below the USD 1,770 support, the price could gain bearish momentum. In the said case, the price may decline towards the $1,720 support zone. More losses may perhaps lead to a move towards the $1,650 support zone 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 below the 50 level.
Major Support Level – $1,775
Major resistance level – $1,840
