Ethereum price extended its decline below USD 1,880 against the US dollar. ETH is showing bearish signs and it could drop further towards USD 1,800.
- Ethereum is currently attempting a recovery wave from the $1,825 zone.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $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 encounters resistance
Ethereum price failed to continue above the USD 1,925 resistance and it started a fresh decline. ETH fell below the USD 1,900 and USD 1,880 levels to move into a short-term bearish zone similar to Bitcoin.
The price even tested the $1,825 support. A low is forming near USD 1,825 and the price is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the $1,956 swing high to the $1,825 low.
Ether price is still trading below $1,880 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,905 on the ETH/USD hourly chart.
Immediate resistance is near the $1,880 level or the 100-hour Simple Moving Average. The first major resistance is near the $1,890 zone. The next major resistance is near the $1,900 level and trendline. It is close to the 61.8% Fib retracement level of the downward move from the $1,956 swing high to the $1,825 low.
Source: ETHUSD at TradingView.com
A clear move above the resistance at $1,905 could trigger a decent rise to $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 $1,890 or $1,900 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, below which there is a risk of a larger decline. The next major support is near the $1,770 level. More losses could send Ether 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
