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Ethereum price is showing signs of bearishness below the $1,900 resistance against the US Dollar. ETH could extend its decline towards the $1,780 support.
- Ethereum is showing bearish signs below the $1,900 level.
- The price is trading below $1,880 and the 100-hour simple moving average.
- There is a short term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to decline further towards the $1,825 and $1,780 levels.
Ethereum price drops further
Ethereum price remained in a bearish zone below the $1,900 level. ETH struggled to recover and extended its decline below the $1,880 level, similar to bitcoin.
The price declined below the $1,850 support. A new weekly low was formed near $1,832 and the price is now consolidating losses. There was a minor correction wave above the $1,850 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $1,904 high to $1,832 low.
Ether is now trading below $1,880 and the 100-hour simple moving average. There is also a short term bullish trend line forming with support near $1,845 on the hourly chart of ETH/USD.
On the upside, an immediate resistance is near the $1,870 level. It is close to the 50% Fib retracement level of the recent decline from the $1,904 high to $1,832 low. The first major resistance is near the $1,880 level or the 100 hourly simple moving average.
Source: ETHUSD on Tradingview.com
The next major resistance is near the $1,900 area, above which the price could start a decent increase towards the $1,920 hurdle. Any more gains could send Ether towards the $2,000 resistance in the near term. An intermediate resistance could lie at $1,945.
More Losses in ETH?
If Ethereum fails to clear the $1,880 resistance, it could continue to decline. On the downside, an initial support is near the $1,845 level and the trend line.
The first major support is near the $1,825 level, below which the price is likely to accelerate bearish momentum. The next major support is near the $1,780 support level. Any further losses could open the door for a move towards the $1,720 level in the coming sessions.
technical indicators
hourly macd , The MACD for ETH/USD is losing momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,825
Major Resistance Level – $1,880
