Ethereum suffered losses that fell below $1,820 in support of the US dollar. If it does not start a wave of recovery above $1,900, ETH may continue to decline.
- Ethereum experienced a sharp decline in trading and fell below the $1900 mark.
- The 100-hourly simple moving average and price are now below $18,880.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $1,880 (data feed via Kraken).
- If there’s a clear move below $1,800 the pair may continue its downward movement.
The Ethereum price turns red
Ethereum fell to bearish after falling below the $1900 mark. ETH fell below $1,850 and put more pressure on bulls.
Although the bears drove the price to the $1820 mark, it remained above the $1800 mark. The price has been consolidating its losses and has formed a low near $1,806 The Ether Price is currently trading at $1,880. This price also includes the simple 100-hour moving average.
Near the $1,840 mark is immediate resistance. This is close to the 23.6% Fib Retracement level for the recent fall from $1,955 swing high, $1,806 low.
Now, the main resistance lies near $1,880. This is also the 100-hourly simple moving mean. A key bearish trendline is also emerging with resistance close to $1,880 in the hourly chart. This trend line lies close to the 50% Fib Retracement level for the drop from $1,955 swing highs to $1,806 lows.
Source: TradingView.com ETHUSD
The $1,880 resistance can be broken and the price could rise to $1,900. Price may move in a positive direction if it breaks through the $1920 barrier.
What Are the Losses of ETH More?
It could fall further if it fails to climb above $1,880. Initial support is located near $1,800.
Below that level, the price could drop further. If the previous scenario is true, then the price might fall to the $1,750 mark. The possibility of further losses opening the door to a possible move toward the $1650 level is likely.
Technical Indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI is currently below 50 for Ethereum/USD.
Major Support Level – $1,800
Major Resistance Level – $1,880
