Ethereum failed to overcome the $1,920 key resistance level against the US dollar. ETH fell sharply, and is now at the $1,700 resistance zone.
- Ethereum was unable to break the $1,920 main resistance zone.
- The 100-hourly simple moving average and price are now below $1800.
- The hourly chart for ETH/USD showed a break below the major bullish trendline with support at $1,800 (data feed via Kraken).
- A clear break below the $1700 support zone could cause the pair to drop significantly.
Ethereum price gains
Ethereum moved above $1,850 resistance to begin a recovery wave. The steady movement was above the $1880 level, as well as the 100-hourly simple moving average.
Price soared above 50% Fib Retracement of the main decline from $2,015 swing high, to $1,735 lowest. Even though Ether prices moved higher than $1,900, the bears remain active around the main hurdle at $1.920.
Above $1,900 the price was struggling. The price was unable to hold the $1,900 level despite sellers close by the 61.8% Fib Retracement level. This is the critical decline of $2,015 from its high point at the swing, and now it has fallen below the low of $1,735.
The result was that the support at $1,850 fell sharply. The hourly chart of Ethereum/USD showed a breaking below the major bullish trendline with support at $1,800. The Ether price fell heavily, breaking even the $1750 support zone.
Source: TradingView.com ETHUSD
Now, it is consolidating its losses over the $1700 level. The upside is that the initial resistance lies near $1,780. Next is $1,800, $1,820. The price could start to recover if it moves above the $1820 resistance. If the previous scenario is true, then the price might retest $1,850. Gains of any kind could lead to a rise towards $1,900.
What Are the Losses of ETH More?
It could fall further if it fails to surpass the $1,820 resistance. Initial support is located near $1,720.
Near the $1,700 mark is the next significant support. If the level is moved below 1,700, it could lead to a sharp decline. 1.660 could be the next support level. If the market loses more, it could push the price down towards $1550 in the immediate future.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI is currently in the oversold region for ETH/USD.
Major Support Level – $1,700
Major Resistance Level – $1,820
