- Ethereum (ETH) is as of now moving lower from the $1,880 resistance zone.
- The price is trading below $1,830 and the 100-hourly Simple Moving Average.
- There is a connecting bearish tendency line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could accelerate lower toward the $1,790 and $1,780 levels.
Ethereum (ETH) Price Fails Again
Ethereum’s price attempted a fresh increase over the $1,850 resistance zone. Nonetheless, Ethereum (ETH) bears remained active near the $1,880 level and the price started another decline, similar to Bitcoin.
The price declined from the $1,873 high and traded below the $1,850 support. There was a clear move below the 50 percent Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high. Ether price is now trading below $1,830 and the 100-hourly Simple Moving Average.
There is likewise a connecting bearish tendency line forming with resistance near $1,840 on the hourly chart of ETH/USD. Immediate resistance is near the $1,830 zone and the 100-hourly Simple Moving Average.
Source: ETHUSD on TradingView.com
The 1st major resistance is near the $1,840 level and the tendency line. A close over the $1,840 resistance could send Ether toward $1,880. The following resistance sits near $1,920, over which Ethereum (ETH) could boost toward $2,000. Any more profits over the $2,000 resistance zone could start a steady increase toward the $2,120 resistance.
More Losses in ETH?
If Ethereum (ETH) fails to clear the $1,840 resistance, it can potentially continue to move down. Initial support on the downside is near the $1,810 level and the 76.4 percent Fib retracement level of the upward move from the $1,792 swing low to the $1,873 high.
The following major support is near the $1,790 zone. The main support sits at $1,770. If there is a close below the $1,770 support, the price could gain bearish momentum. In the stated case, the price can potentially fall toward the $1,720 support zone. Any more losses may perhaps spark a move toward the $1,650 support zone in the coming sessions.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is below the 50 level.
Major Support Level – $1,775
Major Resistance Level – $1,840