Ethereum price started another drop below the $1,920 level against the US dollar. ETH could magnify losses if there is a clear move below the $1,840 support.
- Ethereum is moving lower off the $1,940 resistance zone.
- The price is trading below $1,900 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,900 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could drop further if there is a clear move below USD 1,840.
Ethereum price rising
The price of Ethereum struggled to break through the $2,000 resistance zone and started another drop. ETH traded below the $1,920 and $1,900 support levels to enter a bearish zone, similar to Bitcoin.
The price even traded near $1,840. A low is forming near USD 1,843 and the price is now consolidating losses. It trades below $1,900 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,900 on the ETH/USD hourly chart.
Immediate resistance is near the $1,890 level. It is close to the 50% Fib retracement level from the recent drop from $1,936 high to $1,843 low.
The next major resistance appears to be forming near the trendline and USD 1,900. The main resistance is near $1,915 or the 76.4% Fib retracement level from the recent drop from $1,936 high to $1,843 low. A close above the $1,915 resistance zone could send Ethereum towards the $1,940 resistance.
Source: ETHUSD at TradingView.com
More gains could cause a decent surge towards the $2,000 resistance. In the said case, the price may even rise towards the $2,050 resistance. The next key resistance is near $2,120.
Lose more in ETH?
If Ethereum fails to clear the $1,900 resistance, it could fall further. The initial support on the downside is near the $1,840 level or the recent low.
The next major support is near the USD 1,800 zone, below which the ether price could decline towards the USD 1,740 support zone. More losses may push the price to the $1,700 level in the near term.
Technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,840
Major resistance level – $1,900
