Ethereum continued to fall below $1,820 against the US dollar. ETH reached $1,730. There is still a chance of further downsides.
- Ethereum lost its bearish momentum. It fell to $1,820
- The 100 hourly moving average and price are now below $1800.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $1,910 (data feed via Kraken).
- Both are in trouble and there is a possibility of additional losses at $1,700 or less.
Ethereum Prices Gain Bearish Momentum
Ethereum did not cross the $2,000 barrier and maintain a 100 hourly simple moving mean. The result was a bearish response below $1,920.
The bears were successful in pushing the price down to $1,820 or $1,800. Over 10% of the price fell and it traded below $1750. The price has been consolidating its losses and is currently at $1,727. An initial resistance level is at $1,770. The Fib retracement level at 23.6% of the recent fall from $1.911 swing high, to $1.727 low, is very close.
It is close to the $1820 level. This is near the 50 percent Fib Retracement level for the decline from $1,911 high to $1727 low.
The $1,920 mark is the main resistance. The hourly chart of the ETH/USD shows a significant bearish trendline with resistance close to $1,920. If the close is above $1920, it could lead to steady increases.
Source: TradingView.com ETHUSD
The above scenario could lead to a rise in the price of ether towards the $2,000 threshold. Any further gains could send the price towards $2,085 resistance.
Are There More Losses in Ethereum?
It could move lower if it fails to overcome the $1,820 resistance. The $1,730 area is the initial support for the downside.
Near the $1,700 mark is the next significant support. Another sharp drop could be possible if the downside breaks below $1,700. If this happens, then the price might fall to the $1650 mark. If there are any more losses, the price could fall to $1650.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI is currently below 40 for USD/ETH.
Major Support Level – $1,720
Major Resistance Level – $1,820
