Ethereum lost more than $1,850 against the US dollar. If ETH moves below $1,800 it may fall even further.
- Ethereum experienced a sharp decline starting at the $1950 resistance zone.
- The 100 hourly moving average and price are now below $1900.
- On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $1,920 (data feed via Kraken).
- If the pair moves below $1,800, it could be gaining bearish momentum.
Ethereum’s Price is at Risk
Ethereum traded below the $2,000 resistance level in a bearish area. ETH moved further into a bearish area by trading below the $1850 support zone.
Support was found at the $1,820 mark. The Ether price has been consolidating its losses over the $1,820 mark. Ether price is currently trading at $1,900 below the 100-hourly simple moving mean. Near the 23.6% Fib Retracement Level of the recent fall from $1.956 swing high and $1.820 low, the bears remain active.
The immediate resistance to the upside lies near the $1885 level, and the 100-hourly simple moving average. This is at the 50% Fib level of the decline from the $1.956 swing high and $1.820 low.
Now, the main resistance lies between $1,900 and $1.920. On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $1,920. If the price moves clear of the resistance at $1920, it could lead to a push towards $1950.
Source: TradingView.com, ETHUSD
The price should be above $1,950 in order to move into the positive zone. If the previous scenario is true, then the price might rise to $2,000
What Are the Losses of ETH More?
The $1,920 resistance could be broken and ethereum may continue its downward slide. Initial support is located near $1,820.
Below that, there might be additional losses. The nearest major support is at $1,800. If the above is true, the ether price could fall towards the $1760 level. The possibility of further losses opening the door to a possible move toward the $1700 level is likely.
Technical indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in the bearish area.
Hourly RSI – The RSI is currently below 50 for Ethereum/USD.
Major Support Level – $1,800
Major Resistance Level – $1,920
