Ethereum price continued to drop below $1880 against the US Dollar. ETH is showing bearish signs and it could drop further towards $1,800.
- Ethereum is currently attempting a recovery wave from the $1,825 area.
- The price is trading below $1,880 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could attempt a new increase, but it may cap the rally near $1900.
Ethereum price is facing resistance
Ethereum price failed to continue rising above the USD 1.925 resistance and started a new decline. ETH dropped below the $1,900 and $1,880 levels to move into a short-term bearish zone, similar to Bitcoin.
The price even tested the $1,825 support. A bottom formed near $1,825 and the price is now attempting a recovery wave. There was a break above the 23.6% Fibonacci retracement level of the downside move from the $1,956 swing high to $1,825 low.
Ether price is still trading below $1,880 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,905 on the hourly chart of ETH/USD.
The immediate resistance is near the $1,880 level or the 100 hourly simple moving average. The first major resistance is near the $1,890 area. The next major resistance is near the $1900 level and the trend line. It is close to the 61.8% Fibonacci retracement level of the downside move from the $1,956 swing high to $1,825 low.
source: ETHUSD on TradingView.com
A clear move above the $1,905 resistance could start with a decent increase towards $1,955. The next major resistance is near the $1,975 level. Any further gains could send Ether towards the $2050 resistance.
More losses in ETH?
If Ethereum fails to clear the $1,890 or $1,900 resistance levels, it could continue lower. Initial support is located on the downside near the $1,840 level.
The first major support is near the $1,825 level, below which there is a risk of a larger decline. The next major support is near the $1,770 level. Any further losses could send Ether towards the $1,720 support.
Technical indicators
MACD hourly – The MACD for ETH/USD is losing momentum in the bearish zone.
hourly relative strength index – The RSI for ETH/USD is now below the 50 level.
The main support level is $1,825
The main resistance level – 1890 USD