Ethereum price is slowly moving lower from the $1,920 resistance against the US dollar. ETH could extend its decline towards the $1,790 support.
- Ethereum is still trying to break the $1,920 resistance.
- The price is trading below $1,900 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data source via Kraken), there was a break below a key bullish trendline with support near $1,885.
- The pair could further decline towards the $1,790 support in the coming sessions.
The price of Ethereum is stuck in a certain range
Ethereum price attempted another upward break above the key $1,920 resistance zone. ETH failed to gain bullish momentum to close above the $1,920 level, similarly bitcoin.
A high is forming near $1,912 and the price is now moving lower. There was a break below the $1,900 level. The price dropped below the 50% Fib retracement level of the recent rise from the $1,838 low to $1,912 high. Additionally, there was a break below a key bullish trendline with support near $1,885 on the hourly chart of ETH/USD.
Ether is now trading below $1,900 and 100 hour simple moving average. It is now testing the 76.4% Fib retracement level of the recent rise from the $1,838 low to $1,912 high.
If Ethereum stays above $1,850, it could try to go higher. Immediate resistance is near the $1,880 level or the 100-hour simple moving average. Another major resistance is near the $1,900 level.
Source: ETHUSD on TradingView.com
The main barrier is still near the $1,920 and $1,930 levels. A close above the $1,930 zone could trigger a sustained rally and send the price further higher. Another resistance is located near $2,000, above which the price could rise to the $2,050 level. Any further gains could send Ether towards the $2,120 resistance.
More losses in ETH?
If Ethereum fails to clear the $1,900 resistance, it may continue to move down. Initial downside support is near the $1,850 level.
Another major support is near the $1,840 level. If there is a move below $1,840, the price could accelerate lower towards $1,790. Any further losses may send the price towards the $1,750 support.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining strength in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major support level – $1,840
Major resistance level – $1,900