/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
Ethereum price gained bearish momentum below $1,860 against the US Dollar. ETH is showing very bearish signs and it could decline towards $1,720.
- Ethereum is down more than 4% and is trading below $1,900.
- The price is trading below the $1,840 level and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline towards the $1,720 and $1,700 levels.
Ethereum Price Falls Over 4%
Ethereum price failed to surpass the $1,920 resistance. ETH started a strong decline below the $1,900 and $1,880 levels to move into a bearish zone, similar to bitcoin.
The bears were able to push the price below the key $1,840 support. Besides, there was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD. The price declined more than 4% and was trading near the $1,775 support.
A low was formed near $1,777 and the price is now consolidating losses. There is a gradual move upward from the 23.6% Fib retracement level of the $1,912 swing high to $1,777 low.
Ether is now trading below $1,840 and the 100 hourly simple moving average. An immediate resistance is near the $1,840 area. The next major resistance is near the $1,850 level or the 50% Fib retracement level of the decline from the $1,912 high to $1,777 low.
Source: ETHUSD on TradingView.com
A reasonable move above the $1,840 and $1,850 resistance levels could send ether towards $1,900. The next resistance is near the $1,920 level, above which Ethereum could rise to $1,965. Any further gains above the $1,965 resistance area could send the price towards the $2,000 resistance.
More Losses in ETH?
If Ethereum fails to overcome the $1,840 resistance, it could continue to decline. On the downside, an initial support is near the $1,775 level.
The next major support is near the $1,740 area. If there is a break below the $1,740 support, the price could decline further towards the $1,700 support. Any further losses could probably send the price towards the $1,660 level or even $1,640.
technical indicators
hourly macd , The MACD for ETH/USD is gaining momentum in the bearish zone.
hourly rsi , The RSI for ETH/USD is well below the 50 level.
Key Support Level – $1,775
Key Resistance Level – $1,850
