Ethereum price started falling again from the $1,920 resistance against the US dollar. ETH is at risk of more losses if it stays below USD 1,920 for a long time.
- Ethereum is now showing bearish signs and it is well below the USD 1,920 resistance zone.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- A major bearish trendline is forming with resistance near $1,870 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bearish momentum if it breaks the USD 1,840 support.
Ethereum price facing rejection
The price of Ethereum started falling again after it failed to break through the $1,920 resistance zone. ETH fell below the USD 1,880 level to move into a near-term bearish zone similar to Bitcoin.
There was a sharp move below the $1,860 level. The price even tested the $1,840 support. A low is forming near USD 1,838 and the price is now consolidating losses. It tests the 50% Fib retracement level from the recent drop from the $1,882 swing high to the $1,838 low.
Ether is now trading below $1,880 and the 100-hour Simple Moving Average. A major bearish trendline is also forming with resistance near $1,870 on the ETH/USD hourly chart.
Immediate resistance is near the $1,865 zone. It is close to the 76.4% Fib retracement level of the recent drop from the $1,882 swing high to the $1,838 low. The next major resistance is near the $1,880 level. A good move above the $1,865 and $1,880 resistance levels could send Ether to $1,900.
Source: ETHUSD at TradingView.com
The next resistance is near $1,920, above which Ethereum could rise to $2,000. More gains above the $2,000 resistance zone could push the price towards the $2,120 resistance.
Lose more in ETH?
If Ethereum fails to clear the $1,880 resistance, it could fall further. The first support on the downside is near the $1,840 level.
The next major support is near the $1,820 zone. If a close breaks below the USD 1,820 support, the price could drop towards the USD 1,800 support. More losses may perhaps send the price towards the $1,740 or even $1,720 level 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 – $1,840
Major resistance level – $1,880
