Ethereum price again failed to clear the $1,900 resistance against the US dollar. ETH is falling and may revisit the $1,825 support zone.
- Ethereum peaked near the $1,900 resistance and fell.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- There was a break below a key bullish trendline with support near USD 1,875 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could extend its decline to $1,845 or even $1,825.
Ethereum price starts falling
Ethereum price did one more to clear key resistance at $1,900. However, ETH failed to break above the USD 1,900 resistance and reacted on the downside, similar to Bitcoin.
A high was formed near $1,901 and the price fell below $1,880. There was a break below a major bullish trendline with support near USD 1,875 on the ETH/USD hourly chart. The pair traded below the 76.4% Fib retracement level of the upward move from the $1,862 swing low to the $1,901 high.
Ether is now trading below $1,870 and the 100-hour Simple Moving Average. It appears that the bears are in control and may be targeting a move below the $1,862 low.
Source: ETHUSD at TradingView.com
On the upside, immediate resistance is near the $1,880 level and the 100-hour Simple Moving Average. The first major resistance is near the $1,890 zone. The main resistance is still near $1,900. A close above the USD 1,900 resistance could spark a decent rise. The next major resistance is near the $1,955 level. Any further gains could send Ether towards the $2,000 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,880 resistance, it could drop further. The initial support on the downside is near the $1,860 level or the latest swing low at $1,862.
The first major support is near the USD 1,845 level, below which the price could test the 1,618 Fib extension level of the upward move from the USD 1,862 swing low to the USD 1,901 high at USD 1,838. The next major support is near the $1,825 level. More losses could send Ether towards the $1,770 support level in the near term.
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 – $1,825
Major resistance level – $1,900
