Ethereum price is moving lower from the $1,840 resistance against the US Dollar. ETH is now at a risk of a move towards the $1,620 support zone.
- Ethereum is struggling and moving lower from the $1,840 zone.
- The price is trading below $1,750 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $1,765 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further if there is a clear move below the $1,720 support.
Ethereum Price Dips Further
Ethereum price failed to gain pace for a move above the $1,850 resistance zone. ETH formed a double top pattern near the $1,850 level and recently started a downside correction, similar to bitcoin.
There was a move below the $1,780 and $1,760 support levels. Besides, there was a break below a major bullish trend line with support near $1,765 on the hourly chart of ETH/USD. The pair even traded below the $1,740 support zone.
Ether price is now trading below $1,750 and the 100 hourly simple moving average. A low is formed near $1,728 and the price is now consolidating losses.
On the upside, the price is facing resistance near the $1,755 zone and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the recent decline from the $1,845 swing high to $1,728 low. The next major resistance is near the $1,780 zone.
Source: ETHUSD on TradingView.com
The first major resistance is near $1,800 or the 61.8% Fib retracement level of the recent decline from the $1,845 swing high to $1,728 low. A close above the $1,800 resistance zone might start another major increase. In this case, the price may perhaps rise towards the $1,880 resistance level. Any more gains might send the price towards $1,920.
More Losses in ETH?
If ethereum fails to clear the $1,780 resistance, it could continue to move down. An initial support on the downside is near the $1,730 level.
The next major support is near the $1,695 zone. If there is a break below $1,695, the price might drop towards $1,620. Any more losses might call for a test of the $1,550 level.
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 below the 50 level.
Major Support Level – $1,730
Major Resistance Level – $1,780
