Ethereum price extended its decline below $1,900 against the US Dollar. ETH is testing the $1,825 support and is currently attempting a fresh increase.
- Ethereum is down over 2% and there was a move below $1,900.
- The price is trading below $1,890 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could attempt a fresh increase but upsides might be capped near $1,900.
Ethereum Price Extends Losses
Ethereum’s price struggled to gain pace above the $1,955 resistance. ETH started another decline and traded below the key support at $1,900, similar to Bitcoin.
The price even declined below the $1,850 level. Besides, there was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD. However, the bulls were active near the last pivot zone at $1,825. A low is formed near $1,825 and the price is now attempting a fresh increase.
Ether is now trading below $1,890 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,855 level. It is close to the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to the $1,825 low.
The first major resistance is near the $1,890 zone or the 100-hourly Simple Moving Average. The next major resistance is near the $1,905 level. It is close to the 61.8% Fib retracement level of the recent drop from the $1,955 swing high to the $1,825 low.
Source: ETHUSD on TradingView.com
A clear move above the $1,905 resistance could push the price toward $1,955. The next major resistance is near the $1,975 level. Any more gains could send Ether toward the $2,050 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,855 resistance or $1,890, it could continue to move down. Initial support on the downside is near the $1,840 level.
The first major support is near the $1,825 level. The next major support is near the $1,770 level. If there is a move below the $1,770 support, the price could drop toward the $1,720 support level.
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 below the 50 level.
Major Support Level – $1,825
Major Resistance Level – $1,890
