Ethereum price extended its decline below USD 1,900 against the US dollar. ETH is testing the $1,825 support and is currently attempting another increase.
- Ethereum is down more than 2% and there was a move below USD 1,900.
- The price is trading below $1,890 and the 100-hour Simple Moving Average.
- There was a break below a contiguous bullish trendline with support near USD 1,905 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could try another raise, but the gains could be capped near $1,900.
Ethereum Price Extends Losses
Ethereum price struggled to gain momentum above the USD 1,955 resistance. ETH started falling again, trading below the main support at $1,900, similar to Bitcoin.
The price even fell below the $1,850 level. In addition, there was a break below a contiguous bullish trendline with support near USD 1,905 on the ETH/USD hourly chart. However, the bulls were active near the final pivot zone at $1,825. A low is formed near $1,825 and the price is now trying to rise again.
Ether is now trading below $1,890 and the 100-hour Simple Moving Average. Immediate resistance is near the $1,855 level. It is close to the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to the $1,825 low.
The first major resistance is near the $1,890 zone or the 100-hour Simple Moving Average. The next major resistance is near the $1,905 level. It is close to the 61.8% Fib retracement level of the recent drop from the $1,955 swing high to the $1,825 low.
Source: ETHUSD at TradingView.com
A clear move above the $1,905 resistance could push the price towards $1,955. The next major resistance is near the $1,975 level. Any further gains could send Ether towards the $2,050 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,855 or $1,890 resistance, it could fall further. The first support on the downside is near the $1,840 level.
The first major support is near the $1,825 level. The next major support is near the $1,770 level. If there is a move below the $1,770 support, the price could fall towards the $1,720 support level.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,825
Major resistance level – $1,890
