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 price corrected further lower below the $1,900 level against the US Dollar. ETH is showing bearish signs and might decline further toward $1,825.
- Ethereum extended its decline and tested the $1,875 level.
- The price is trading below $1,930 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further if it stays below the $1,910 and $1,940 resistance levels.
Ethereum Price Could Extend Losses
Ethereum’s price made a fresh attempt to start a decent increase above the $1,950 resistance. However, ETH struggled to gain strength for a move above $1,950.
A high was formed near $1,943 and the price reacted to the downside. There was a break below the $1,900 support zone. A new weekly low is formed near $1,875 and the price is now attempting a fresh increase. It broke the $1,890 and $1,900 levels.
There was a move above the 50% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low. Ether is now trading below $1,930 and the 100-hourly Simple Moving Average.
On the upside, immediate resistance is near the $1,910 level. There is also a connecting bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level recent decline from the $1,943 swing high to the $1,875 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,950 zone, above which the price could rise toward the $1,985 resistance zone. The next major resistance is near the $2,030 level. Any more gains could send Ether toward the $2,120 resistance or even $2,200.
More Losses in ETH?
If Ethereum fails to clear the $1,910 resistance, it could start a fresh decline. Initial support on the downside is near the $1,890 level.
The first major support is near the $1,875 level, below which the price could extend its decline. The next major support is near the $1,825 support level. Any more losses could send Ether toward the $1,780 support level in the near term.
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 – $1,875
Major Resistance Level – $1,910
