Home » Ethereum price indicators are signaling an extended correction to $1,790

Ethereum price indicators are signaling an extended correction to $1,790

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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 MACDThe MACD for ETH/USD is gaining strength in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major support level – $1,840

Major resistance level – $1,900

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