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Ethereum price declined below $1,900 against the US Dollar. ETH is testing the $1,825 support and it is currently attempting a fresh increase.
- Ethereum is down more than 2% and has dropped below $1,900.
- The price is trading below $1,890 and the 100-hour simple moving average.
- There was a break below a connecting bullish trend line with support 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 Extends Losses
Ethereum price is struggling to gain momentum above the $1,955 resistance. ETH started another decline and traded below the key $1,900 support, similar to bitcoin.
The price even declined below the $1,850 level. Besides, there was a break below a connecting bullish trend line with support near $1,905 on the hourly chart of ETH/USD. However, the bulls were active near the last pivot zone at $1,825. There was a swing low near $1,825, and the price is now making a fresh attempt to move higher.
Ether is now trading below $1,890 and the 100-hour simple moving average. An immediate resistance is near the $1,855 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,955 high to $1,825 low.
The first major resistance is near the $1,890 area or the 100 hourly simple moving average. The next major resistance is near the $1,905 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,955 high to $1,825 low.
Source: ETHUSD on Tradingview.com
A clear move above the $1,905 resistance could propel the price 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 $1,855 or $1,890 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. The next major support is near the $1,770 level. If there is a move below the $1,770 support, the price could decline further 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
