Ethereum price started a fresh decline below $1,900. ETH is now consolidating losses and might struggle to recover above $1,920 or $1,950.
Ethereum failed to stay above $1,950 and started a fresh decline.
The price is trading below $1,920 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $1,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $1,920 zone.
Ethereum Price Dips Sharply
Ethereum price failed to stay above $1,920 and started a fresh decline, like Bitcoin. ETH price traded below the $1,900 and $1,880 levels to enter a bearish zone.
Finally, the bulls appeared near $1,850. A low was formed at $1,845, and the price started a minor recovery wave. There was a move above the $1,865 level, but the price is still well below the 23.6% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low.
Ethereum price is now trading below $1,900 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,850, the price could attempt another increase. Immediate resistance is seen near the $1,880 level.
The first key resistance is near the $1,920 level and the 50% Fib retracement level of the downward move from the $1,994 swing high to the $1,845 low. The next major resistance is near the $1,950 level. There is also a bearish trend line forming with resistance at $1,950 on the hourly chart of ETH/USD.
A clear move above the $1,950 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $1,920 resistance, it could start a fresh decline. Initial support on the downside is near the $1,850 level. The first major support sits near the $1,825 zone.
A clear move below the $1,825 support might push the price toward the $1,780 support. Any more losses might send the price toward the $1,740 region. The main support could be $1,720.
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 below the 50 zone.
Major Support Level – $1,850
Major Resistance Level – $1,920
