- Ethereum is now showing signs of decline and is well below the $1,920 resistance area.
- The price is trading below $1,880 and the 100-hour Simple Moving Average.
- There is a major downward trend line forming with resistance around $1,870 on the hourly ETH/USD chart.
Ethereum price has initiated another decline from the $1,920 resistance. If ETH stays below $1,920 for an extended period, it faces further loss risks.
Ethereum Failed to Break Resistance and Dropped
Ethereum’s price has initiated another decline from the $1,920 resistance area. Similar to Bitcoin, ETH dropped below $1,880 to enter a short-term bearish zone.
There was a sharp move below the $1,860 level. The price even tested the $1,840 support. A low was formed near $1,838, and the price is currently consolidating losses. It is testing the 50% Fib retracement level of the recent drop from $1,882 to $1,838, currently at $1,860.
Ethereum price is now trading below $1,880 and the 100-hour Simple Moving Average. There is also a major downward trend line forming with resistance around $1,870 on the hourly ETH/USD chart.
ETH/USD 1 Hour Price Chart
The immediate resistance is near $1,865. The recent drop from $1,882 to $1,838 is near the 76.4% Fib retracement level. The next major resistance is near $1,880. A proper move above the $1,865 and $1,880 resistance levels could send ETH to $1,900.
The next resistance is near $1,920, where Ethereum could rise to $2,000. Further gains above the $2,000 resistance could send the price towards the $2,120 resistance.
Could There Be More Losses?
If Ethereum fails to break the $1,880 resistance, it could continue to decline. The first support on the downside is near the $1,840 level.
The next major support is near the $1,820 area. If there is a close below the $1,820 support, the price could drop towards the $1,800 support. Further losses could send the price towards $1,740 or even $1,720 in the coming sessions.
Technical Indicators
- The hourly MACD for ETH/USD is gaining momentum in the bearish zone.
- The hourly RSI for ETH/USD is below the 50 level.
- Main Support Level – $1,840
- Main Resistance Level – $1,880
