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Ethereum price again failed to climb above the $1,900 resistance against the US Dollar. ETH is correcting lower and it could retest the $1,825 support area.
- Ethereum topped near the $1,900 resistance and declined.
- The price is trading below $1,880 and the 100-hour simple moving average.
- There was a break below a key bullish trend line with support near $1,875 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its decline towards $1,845 or $1,825.
Ethereum price declines again
Ethereum price made another attempt to clear the key $1,900 resistance. However, ETH failed to gain momentum above the $1,900 resistance and reacted with a similar decline as bitcoin.
There was a swing high near $1,901, and the price declined below $1,880. There was a break below a key bullish trend line with support near $1,875 on the hourly chart of ETH/USD. The pair is trading below the 76.4% Fib retracement level of the upward move from the $1,862 low to $1,901 high.
Ether is now trading below $1,870 and the 100-hour simple moving average. It looks like the bears are in control and they may aim for a decline below the $1,862 low.
Source: ETHUSD on Tradingview.com
On the upside, there is an immediate resistance near the $1,880 level and the 100 hourly simple moving average. The first major resistance is near the $1,890 area. The main resistance is still near the $1,900 level. A close above the $1,900 resistance could start a decent move higher. The next major resistance is near the $1,955 level. Any more gains could send Ether towards the $2,000 resistance.
More Losses in ETH?
If Ethereum fails to clear the $1,880 resistance, it could continue to decline. On the downside, an initial support is near the $1,860 level or the final swing low near $1,862.
The first major support is near the $1,845 level, below which the price could test the 1.618 Fib extension level for an upward move from the $1,862 low to $1,901 high $1,838. The next major support is near the $1,825 level. Any further losses could send Ether towards the $1,770 support in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is gaining 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 – $1,900
