Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum struggled to clear the key $1,920 resistance against the US Dollar. ETH declined sharply and now testing the main $1,700 support zone.
- Ethereum failed to surpass the main $1,920 resistance zone.
- The price is now trading below $1,800 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might decline heavily if there is a clear move below the $1,700 support zone.
Ethereum Price Trims Gains
Ethereum gained pace above the $1,850 resistance level to start a recovery wave. There was a steady move above the $1,880 level and the 100 hourly simple moving average.
The price climbed above the 50% Fib retracement level of the key decline from the $2,015 swing high to $1,735 low. Ether price even moved above the $1,900 level, but the bears remained active near the main hurdle at $1,920. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.
The price struggled above the $1,900 level. It faced sellers near the 61.8% Fib retracement level of the key decline from the $2,015 swing high to $1,735 low.
As a result, there was a sharp decline below the $1,850 support. There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD. Ether price declined heavily and even broke the $1,750 support zone.
Source: ETHUSD on TradingView.com
It is now consolidating losses above the $1,700 support. On the upside, an initial resistance is near the $1,780 level. The next major resistance is near the $1,800 and $1,820 levels. A clear move above the $1,820 resistance might start a decent recovery. In the stated case, the price could revisit $1,850. Any more gains might set the pace for a move towards $1,900.
More Losses in ETH?
If ethereum fails to rise above the $1,820 resistance, it could continue to move down. An initial support on the downside is near the $1,720 zone.
The next major support is near the $1,700 level. A clear move below the $1,700 level might spark a major decline. The next major support might be $1,660. Any more losses could send the price towards the $1,550 level in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now in the oversold zone.
Major Support Level – $1,700
Major Resistance Level – $1,820
