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Ethereum price declined below $1,880 against the US Dollar. ETH is showing bearish signs and it could decline 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-hour 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 may attempt a fresh increase, but the gains may be limited near $1,900.
Ethereum price is facing resistance
Ethereum price failed to climb above the $1,925 resistance and started a fresh decline. ETH declined below the $1,900 and $1,880 levels to move into a short-term bearish zone similar to bitcoin.
The price also tested the $1,825 support. There was a low 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 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.
An immediate resistance is near the $1,880 level or the 100-hour simple moving average. The first major resistance is near the $1,890 area. The next major resistance is near the $1,900 level and the trend line. It is near the 61.8% Fib retracement level of the decline from the $1,956 high to $1,825 low.
Source: ETHUSD on Tradingview.com
A clear move above the $1,905 resistance could start a decent move towards $1,955. The next major resistance is near the $1,975 level. Any more gains could send Ether towards the $2,050 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,890 or $1,900 resistance, it could continue to decline. On the downside, an initial support is near the $1,840 level.
The first major support is near the $1,825 level, below which there is a risk of a major decline. The next major support is near the $1,770 level. Any further losses could send Ether towards the $1,720 support.
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 well below the 50 level.
Key Support Level – $1,825
Major Resistance Level – $1,890
