Slowly, Ethereum has fallen below $1900 against the US dollar. To prevent further losses in the short term, ETH must remain at $1,850.
- Ethereum experienced a downtrend below the $1920 level.
- The current price trades below $1,920 as well as the simple 100-hour moving average.
- On the hourly chart for ETH/USD, there is resistance close to $1,900. (Data feed via Kraken).
- It could decline further if the price of $1,900 to $1,950 is not reached.
Ethereum price faces resistance
Ethereum began a downtrend from above the $2,000 resistance level. ETH fell slowly below $1950 and $1920 levels.
Clear movement below $1,900 and the 100-hourly simple moving average was evident. Ether prices traded at $1,854 as the support level, but were stable above $1,850. The Ether price is consolidating its losses at the $1,860 mark.
The immediate support on the upside lies near the $1900 level and 100 hourly simple moving Average. This is close to the 23.6% Fib Retracement level for the recent fall from $2,030 swing highs to $1,854 lows. On the hourly chart for ETH/USD, there is a significant declining channel with resistance at $1,900.
It is located between the $1920 and $1925 levels. It is located near the $1950 level, or 50% Fib level, which marks the breakout area of the recent fall from the $2,000.30 swing high to the $1.854 low.
Source: TradingView.com ETHUSD
Clear moves above the $1950 resistance zone could lead to a steady rise to $2,000. The price could gain more upsides if there is more bullish momentum. It may test the $2,000.080 resistance zone soon.
What Are the Losses of ETH More?
It could fall further if it fails to surpass the $1,925 resistance. The $1,860 area is the initial support zone for the downside.
Near $1,850 is the next support level, and below that there’s a chance of a steep decline. The above scenario could lead to a decline in the price of ether towards $1,810. The price may drop to $1,750 if the bears are still active.
Technical indicators
Minutely MACD – MACD of ETH/USD has lost momentum and is currently in the bearish zone.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,850
Major Resistance Level – $1,925
